Moody's Investors Service announced it downgraded 86 classes and placed under review for possible downgrade 37 classes from Morgan Stanley Mortgage Loan Trust deals from 2005 and 2006. Structured Asset Securities Corp Trust 2004-S2 through S4, collateralized by closed-end second lien loans, saw lower ratings on three tranches because back ended losses have eroded credit support "to a point where the subordinate tranches no longer have sufficient enhancement levels to maintain their current ratings in light of the anticipated losses," Moody's said. Lower ratings were also assigned by Moody's on 16 classes of scratch and dent-collateralized Ameriquest Mortgage Securities Inc., Quest Trust 2004-X1 through X3 and 2005-X2. Wachovia Bank Commercial Mortgage Trust, Series 2006-WHALE 7 had a $99 million class upgraded as a result of increased credit support from loan payoffs, Moody's announced.
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