Deutsche Classes Downgraded

Nine classes of Deutsche Financial Capital manufactured housing transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 1997-I, class M, from AA to A-minus, and class B-1, from CCC to CC; and series 1998-I, classes A-2 through A-7, from AAA to AA-minus, and class M, from A-plus to BB-minus. In addition, the ratings on four classes of series 1997-I were affirmed. DFC was a joint venture of Deutsche Financial Services Corp. and Oakwood Acceptance Corp. Contracts included in the deals are serviced by OAC, a wholly owned subsidiary of Oakwood Homes Corp., which filed for Chapter 11 bankruptcy in 2002, Fitch said. The rating agency said Oakwood announced late last year that "substantially all" its assets would be acquired by Clayton Homes Inc.