Two classes from two Access Financial Manufactured Housing issues have been downgraded by Fitch Ratings. Class B-1 of series 1995-1 was downgraded from BBB-minus to CCC, and class B-1 of series 1996-1 was downgraded from BB-minus to CCC. In addition, the ratings on two classes from each transaction were affirmed. "Losses on series 1995-1 have reduced the collateral at a faster rate than payments on the related certificates and have consequently created an undercollateralized amount of $723,000," Fitch said. Cumulative losses now represent 23% of the original balance, the rating agency said. Series 1996-1 has also experienced higher losses than expected, and the certificates are undercollateralized by $6.5 million, Fitch said.
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