GE Cap Class Downgraded

Published February 24, 2004, 3:00 p.m. EST

1 Min Read

Class B1 of GE Capital home equity loan pass-through certificates, series 1997-HE2, has been downgraded from CCC to C by Fitch Ratings.Fitch also placed two classes from other transactions on Rating Watch Negative, affirmed the ratings on 26 other classes in six deals, and placed two of those 26 classes on Rating Watch Negative. The classes placed on Rating Watch Negative were class B2 of series 1999-HE1 and class B3 of series 1999-HE3. Those removed from Rating Watch Negative were the M classes of series 1996-HE4 and series 1997-HE3. Fitch attributed the negative rating actions to loss levels and high delinquencies relative to the applicable credit support. Fitch can be found online at http://www.fitchratings.com.

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