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Fitch Places 1 Class on Watch Negative & Affirms 11 Classes from 2 SASCO Series.

NEW YORK -- Fitch Ratings has placed one class of Structured Asset Securities Corp. (SASCO) residential mortgage-backed certificates on Rating Watch Negative and affirmed 11 classes, as follows:

Series 2002-AL1

-- Class A affirmed at 'AAA';

-- Class B1 affirmed at 'AA';

-- Class B2 affirmed at 'A';

-- Class B3 affirmed at 'BBB';

-- Class B4 affirmed at 'BB';

-- Class B5 affirmed at 'B'.

Series 2003-AL1

-- Class A affirmed at 'AAA';

-- Class B1 affirmed at 'AA';

-- Class B2 affirmed at 'A';

-- Class B3 affirmed at 'BBB';

-- Class B4 affirmed at 'BB'.

-- Class B5 rated 'B' is placed on Rating Watch Negative.

The affirmations on the above classes reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $527.9 million of certificates. The negative rating action, affecting approximately $7.6 million of outstanding certificates, reflects deterioration in the relationship between CE and expected losses.

As of the December 2006 distribution date, series 2002-AL1 is 58 months seasoned, and series 2003-AL1 is 46 months seasoned. Cumulative losses as a percent of the original collateral balance are 0.73% and 2.87%, respectively. All classes in series 2002-AL1 and classes A, B1, B2 and B3 in series 2003-AL1 have experienced slight to moderate growth in CE since the closing date. Classes B4 and B5 of series 2003-AL1 have experienced a deterioration of credit support due to higher-than-expected delinquencies and losses. Approximately 4.73% of the pool is more than 60 days delinquent (including loans in bankruptcy, foreclosure and real estate owned). Monthly losses have averaged approximately $495 thousand for the past six months. Class B4 currently has 6.18% ($13,378,156) of credit support remaining (originally 7.25%, or $32,186,913). Class B5 currently has 2.66% ($5,757,485) of credit support remaining (originally 5.05%, or $22,421,913). Fitch will continue to closely monitor these transactions.

The pool factor (i.e. current mortgage loans outstanding as a percentage of initial pool) is 42% for series 2002-AL1 and 49% for series 2003-AL1.

The underlying collateral consists of fully amortizing, fixed-rate, first and junior lien disaster home loans. The mortgage loans were originated by the U.S. Small Business Administration (SBA) to borrowers who incurred losses in a federally recognized disaster. The mortgage loans are master serviced by Aurora Loan Services, Inc., which is rated 'RMS1-' by Fitch.

Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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Publication:Business Wire
Date:Jan 5, 2007
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