Various MBS Classes Downgraded

Fitch Ratings also issued a flurry of news releases Dec. 21 regarding various rating actions, including over 40 downgrades, on mortgage-backed securities from six issuers.Among the downgraded securities were 20 classes from Morgan Stanley subprime issues in 2002, 2003, and 2004; eight classes of Aegis mortgage pass-through certificates; and five classes of Structured Asset Investment Loan mortgage pass-throughs. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. Fitch can be found on the Web at http://www.fitchratings.com.