Three classes of home equity loan pass-through certificates issued by GE Capital in 1996 and 1997 have been downgraded by Fitch Ratings.The downgrades were as follows: series 1996-HE4, class M, from A to BBB; series 1997-HE1, class M, from A to BBB; and series 1997-HE4, class B1, from CCC to CC. Fitch also upgraded two classes and affirmed the ratings on 26 other classes in 11 GE Capital deals. Fitch attributed the downgrades to the deterioration of credit enhancement relative to monthly losses that have risen or held steady.
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