Moody's Investors Service downgraded 60 net interest margin securities based on the performance of underlying transactions which has negatively impacted future residual payments to the NIM holders. More than 75 Alt-A option adjustable-rate mortgage, negative-amortization transactions saw classes downgraded by Moody's because of higher-than-anticipated rates of delinquency, foreclosure and real estate owned in the underlying collateral relative to credit enhancement levels. Standard & Poor's Ratings Services downgraded nine classes of ACE Securities Corp. Home Equity Loan Trust transactions issued from 2004 to 2006 as a result of adverse collateral performance.
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