Deutsche Financial MH Classes Downgraded

Four classes of Deutsche Financial Capital manufactured housing transactions have been downgraded by Fitch Ratings, and 16 classes have been placed on Rating Watch Negative.The downgrades were as follows: class B-1, series 1997-I, from BBB to BBB-minus; class B-2, series 1997-I, from BB to CCC; class B-1, series 1998-I, from BBB to BB; and class B-2, series 1987-I, from BB to CCC. All four classes were placed on Rating Watch Negative, as were the following classes: classes A-3 to A-6 and class M, series 1997-I; and classes A-2 to A-7 and class M, series 1998-I. Fitch said DFC was a joint venture of Deutsche Financial Services Corp. and Oakwood Acceptance Corp. Contracts included in the deal are serviced by OAC, a wholly owned subsidiary of Oakwood Homes Corp., which filed for Chapter 11 bankruptcy protection Nov. 15. The classes will remain on Rating Watch Negative "until more information is available regarding the effects, if any, of the bankruptcy filing on the servicing operation," Fitch said.