The B classes of ContiMortgage Home Equity Loan Trust's series 1999-1 and 1999-2 have been downgraded by Standard & Poor's Ratings Services, while the ratings on 101 other classes from 21 ContiMortgage deals were affirmed.Class B of series 1999-1 was downgraded from BBB-minus to B and class B of 1999-2 was downgraded from BBB-minus to BB. The downgrades reflect a decline in credit support for the subordinate classes due to an erosion of overcollateralization stemming from the fact that net losses have consistently exceeded excess interest, S&P said. The rating agency projected that overcollateralization will be depleted for the downgraded classes within 12 months. S&P can be found on the Web at http://www.standardandpoors.com.
Processing Content
