Fitch Upgrades 2 & Downgrades 5 RMBS Classes from 3 SASCO Securitizations.

NEW YORK -- Fitch Ratings has affirmed 7, upgraded 2 and downgraded 5 classes of Structured Asset Securities Corp. (SASCO) residential mortgage-backed certificates, as follows:

Series 2002-HF2

-- Class M1 upgraded to 'AAA' from 'AA+';

-- Class M2 upgraded to 'AA-' from 'A+';

-- Class M3 affirmed at 'BBB-';

-- Class B1 affirmed at 'BB';

-- Class B2 downgraded to 'B' from 'BB'.

Series 2002-BC1

-- Class M1 affirmed at 'AA';

-- Class M2 downgraded to 'BBB+' from 'A';

-- Class M3 long-term rating downgraded to 'CCC' from 'BB' and assigned a distressed recovery rating of 'DR2'.

Series 2003-BC2

-- Class M1 affirmed at 'AA';

-- Class M2 affirmed at 'A';

-- Class M3 affirmed at 'BBB+';

-- Class M4 affirmed at 'BBB';

-- Class B1 downgraded to 'B' from 'BB';

-- Class B2 long-term rating downgraded to 'C' from 'B' and assigned a distressed recovery rating of 'DR6'.

The affirmations reflect credit enhancement (CE) consistent with future loss expectations and affect approximately $96.17 million of outstanding certificates.

The upgrades reflect improvements in the relationships between CE and future loss expectations and affect approximately $58.53 million of outstanding certificates. The CE levels for classes M1 and M2 of series 2002-HF2 have increased by more than five times the original levels since the closing date. The downgrades affecting approximately $61.11 million of outstanding certificates reflect deterioration in the relationship between CE and expected losses due to higher-than-expected delinquency and an OC amount below its target amount.

SASCO 2002-HF2 remittance information indicates that as of Sept. 25, 2006, approximately 38% of the pool is more than 60 days delinquent (including loans in Bankruptcy, Foreclosure and REO). The OC amount is currently $3,851,816, below its target amount of $7,273,138. In five of the past six months, the excess spread has not been sufficient to cover the monthly losses incurred. The cumulative loss to date on the pool as a percentage of the initial balance is 4.7%. The mortgage pool consists primarily of first lien subprime loans. The mortgage loans included in the mortgage pool were originated by correspondent originators and acquired by Household Finance Corporation. Select Portfolio Servicing (formerly known as Fairbanks Capital) is currently the primary servicer. Select is rated 'RPS2' by Fitch as a primary servicer.

SASCO 2002-BC1 remittance information indicates that as of Sept. 25, 2006, approximately 36% of the pool is more than 60 days delinquent (including loans in Bankruptcy, Foreclosure and REO). The OC amount is currently $727,471, below its target amount of $2,995,600. In five of the past six months, the excess spread has not been sufficient to cover the monthly losses incurred. The cumulative loss to date on the pool as a percentage of the initial balance is 2.6%. The mortgage pool consists primarily of first lien subprime loans. The mortgage loans included in the mortgage pool were originated by correspondent originators and acquired by Household Finance Corporation. Select Portfolio Servicing is currently the primary servicer.

SASCO 2003-BC2 remittance information indicates that as of Sept. 25, 2006, approximately 31% of the pool is more than 60 days delinquent (including loans in Bankruptcy, Foreclosure and REO). The OC amount is currently $1,666,240, below its target amount of $2,612,924. Every month for the past 12 months, the excess spread has not been sufficient to cover the monthly losses incurred. The cumulative loss to date on the pool as a percentage of the initial balance is 5.3%. The mortgage pool consists primarily of subprime first and second lien loans. Approximately 12% of the pool was initially a second lien loan. The mortgage loans were originated by Conseco Finance Corporation and are currently being serviced by Select Portfolio Servicing.

The transactions are seasoned from a range of 42 to 47 months. The pool factors (current principal balance as a percentage of original) range from approximately 13% (series 2002-BC1) to 20% (series 2003-BC2) outstanding.

Further information regarding current delinquency, loss and (CE) statistics is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. 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.