Class B of First Union Home Equity Loan Series 1997-2 has been downgraded from BB-minus to CCC by Fitch Ratings.The rating action was attributed to the poor performance of the underlying collateral in the deal. Losses have been higher than expected and have resulted in the depletion of overcollateralization, Fitch said. The rating agency can be found online at http://www.fitchratings.com.

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