Class A-6 of Access Financial's series 1996-1 securitization of manufactured housing contracts has been downgraded from AA-minus to A-minus by Fitch Ratings.In addition, the ratings on six classes from two Access manufactured housing transactions were affirmed. Fitch attributed the downgrade to a deterioration in the relationship between credit enhancement and expected losses. Cumulative losses now represent 27.6% of the original balance, and the certificates are undercollateralized by $11.2 million, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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