The ratings on three classes from various Conseco Finance Corp.-related securitizations issued by Home Improvement & Home Equity Loan Trust have been lowered from CCC-minus to D (default) by Standard & Poor's Ratings Services.The affected classes were as follows: series 1996-C, class HI:B-2; series 1996-F, class HE:B-2; and series 1997-C, class HE:B-2. Conseco Finance did not make any payments under a limited guarantee on the April 15 distribution date, resulting in interest shortfalls on the three classes, the rating agency said.
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