Twelve classes from five BankAmerica Manufactured Housing Contract Trusts have been downgraded by Moody's Investors Service.The downgrades were as follows: Trust I, series 1996-1, class B-1, from B2 to Ca, and class B-2, from Ca to C; Trust II, series 1997-1, class B-1, from B2 to Ca, and class b-2, from Caa2 to C; Trust III, series 1997-2, class B-1, from Caa2 to C, and class B-2, from Ca to C; Trust IV, series 1998-1, class M, from Aa3 to Baa1, class B-1, from Baa2 to Caa2, and class B-2, from Ba2 to C; and Trust V, series 1998-2, class M, from Aa3 to Baa2, class B-1, from Baa2 to Ca, and class B-2, from Ba2 to C. Moody's also confirmed the ratings on eight classes. Moody's said the review was prompted by the continued deterioration in the performance of BankAmerica's manufactured housing pools, in which repossessions have remained high, leading to high cumulative losses.
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