Two classes from two Conseco Finance Corp.-related securitizations by Home Improvement & Home Equity Loan Trust have been downgraded to default status by Standard & Poor's.The downgrades were as follows: class HI:B-2 of series 1996-F, from CCC-minus to D; and class HE:B-2 of series 1997-E, from CCC-minus to D. S&P said Conseco Finance did not make any payments under its limited guarantee of the deals on the May 15 distribution date, resulting in interest shortfalls on the two classes. Both classes have credit support from the limited guarantee and from monthly excess spread, the rating agency said.
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