Access MH Classes Downgraded

Four classes of subordinate certificates from two Access Financial Manufactured Housing Contract Trust deals have been downgraded by Moody's Investors Service.The downgrades were as follows: series 1995-1, class B-1, from Baa3 to Ba2, and class B-2, from Ba2 to C; and series 1996-1, class B-1, from Baa3 to Caa2, and class B-2, from Ba2 to C. In addition, Moody's confirmed the ratings on four other Access MH classes. The downgrades were prompted by "continued deterioration in the performance of Access Financial's manufactured housing pools, and the resulting erosion in credit support," Moody's said. The 1996-1 deal is undercollateralized, while overcollateralization in the 1995-1 transaction is "almost completely eroded," the rating agency said. Access Financial Lending Corp., Minneapolis, is a wholly owned subsidiary of Cargill Financial Services Corp.