Class B-1 of GE Capital 1998-HE1 has been downgraded from B2 to Caa2 by Moody's Investors Service.The downgraded was based on low credit enhancement levels compared with current loss projections, Moody's said. "The realized losses have caused the subordination and credit enhancement levels to significantly decline," the rating agency said. The collateral consists of closed-end, fixed-rate, first-lien residential mortgage loans. Moody's can be found on the Web at http://www.moodys.com.
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