Bombardier MH Classes Downgraded

Published March 09, 2005, 3:00 p.m. EST

1 Min Read

Classes A-1 to A-5 of Bombardier Capital Mortgage Securitization Corp.'s manufactured housing series 2000-A have been downgraded from B-minus to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on 19 classes in six Bombardier MH transactions. The rating agency said the downgrades were due to poor performance of the underlying collateral as well as diminishing credit enhancement. "In the series 2000-A transaction, overcollateralization has been fully depleted, and the high level of losses incurred has resulted in the full writedown of classes M-2, B-1, and B-2," the rating agency said. The collateral consists of manufactured housing installment sales contracts and first-lien mortgage loans on the real estate where the manufactured homes are permanently affixed.

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