20 FMAC Classes Downgraded

Twenty classes from five FMAC loan receivables transactions have been downgraded by Fitch Ratings.The downgrades in FMAC Loan Receivables Trust series were as follows: series 1997-B, classes A and A-X, from BBB to B, class B, from BB to CC, and class C, from CC to D; series 1997-C, classes A and A-X, from AA-minus to BBB; series 1998-A, classes A and A-X, from AA to BB, class B, from BBB to CCC, and class C, from B to C; series 1998-B, classes A and A-X, from A to B, and class B, from BB to CC; and series 1998-C, classes A-2 and A-3, from AAA to AA, class B, from AA to A-minus, class C, from A-minus to BBB-minus, class D, from BB-plus to CCC, class E, from B-minus to CC, and class F, from CCC to C. Classes A and B of series 1997-B, classes A, B, and C of series 1997-C, 1998-A, and 1998-B, and classes A-2 through F of series 1998-C will remain on Rating Watch Negative. The rating actions were based on projected recoveries on the cohort of loans that are more than 90 days delinquent or have defaulted, Fitch said. Fitch can be found online at http://www.fitchratings.com.