Class B-1 of Centex Home Equity Loan Trust series 2002-C has been downgraded from Baa2 to Baa3 by Moody's Investors Service.The downgrade was based on low credit enhancement levels compared with current loss projections, Moody's said. "The credit support has declined because the deal stepped down, allowing a large portion of the credit support to leak out," Moody's reported, adding that the realized losses have caused overcollateralization to fall below the required level. The underlying collateral consists of fixed- and adjustable-rate, first- and second-lien residential mortgage loans.
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