45 Conseco Classes Downgraded

The limited-guarantee B-2 classes of 45 securitizations of manufactured housing contracts by Conseco Finance Corp. and Green Tree Financial Corp. have been downgraded to C by Fitch Ratings.One of the classes (from CFC 2000-1) was downgraded from CCC to C, and the other 44 (from various GTFC deals) were downgraded from CC to C, the rating agency said. Conseco Finance was downgraded from CC to D (default) by Fitch on Dec. 4. "The rating action follows Conseco Finance's failure to make required guarantee payments to 10 of its MH transactions on Dec. 2, 2002," Fitch said. "Conseco Finance has indicated that it intends to suspend all such future guarantee payments relating to MH trusts until there is resolution to the restructuring of its MH business." The rating agency can be found online at http://www.fitchratings.com.