CDC MBS Class Downgraded

Moody's Investors Service has downgraded one class of certificates and has placed under review for possible downgrade seven other classes from CDC Mortgage Capital Trust deals.The affected multiple originator transactions were issued in 2001, 2002, and 2003 and consist primarily of first-lien, adjustable- and fixed-rate subprime mortgages, according to Moody's. "The subordinate certificates are being downgraded or reviewed for possible downgrade based on the fact that existing credit enhancement levels are low given the current projected losses on the underlying pools," Moody's said. The downgrade affects series 2001-HE1, class B, which has seen its rating slip from B3 to Caa2. The review for possible downgrade affects the following classes: series 2002-HE1, class B; series 2002-HE3, class B-1; series 2003-HE1, class B-1; series 2003-HE1, class B-2; series 2003-HE1, class B-2; series 2004-HE1, class B-2; and series 2004-HE1, class B-3.