Ten classes of Bombardier Capital Mortgage Securitization Co. manufactured housing transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 1998-A, class M, from AA to A, and class B-1, from CCC to C; series 1998-B, class A, from AA-minus to A, class M-1, from BB-minus to B, and class M-2, from CCC to C; series 1998-C, class M-2, from BB-minus to B, and class B-1, from CCC to C; series 1999-B, class M-1, from CCC to C; series 2000-A, class M-1, from CCC to C; and series 2001-A, class B-1, from CCC to C. In addition, the ratings on 20 classes in the six transactions were affirmed. Fitch attributed the downgrades to the poor performance of the underlying MH collateral, citing an 11% three-month rolling average default rate and a three-month rolling average loss severity of 77%. In each transaction, overcollateralization and lines of credit "have been completely exhausted, and subordinate classes of certificates are directly being written down as a result of continuing losses," the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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