Class B-4 of Chemical Mortgage Securities Inc. mortgage pass-through certificates, series 1993-3, has been downgraded from BBB to D (default) by Fitch Ratings.Fitch also affirmed the ratings on five other classes in the transaction. "The deal is currently paid down 98%, indicating adverse selection of the underlying collateral in the transaction," the rating agency said. The credit support for class B-4 (originally rated B by Fitch) has been reduced to zero due to loss levels as of the June 25, 2003 remittance, Fitch said.
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