Two classes of Cityscape Corp. Home Equity Loan Trust, series 1997-C group 1, have been downgraded by Fitch Ratings.The downgrades were as follows: class M-2F, from A to BBB; and class B-1F, from BB to CCC. In addition, Fitch affirmed the ratings on three other classes in the transaction. The downgrades were attributed to monthly realized losses that have exceeded the monthly excess spread, depleting the overcollateralization amount. Fitch can be found online at http://www.fitchratings.com.

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