Two classes of GE Capital home equity loan pass-through certificates have been downgraded by Fitch Ratings.Class M of series 1997-HE1 was downgraded from BBB to BB-minus, and class B2 of series 1999-HE3 was downgraded from BBB to BB. Fitch also affirmed the ratings on six other classes in three deals, and downgraded the Distressed Recovering rate of class B3 of series 1999-HE3 from DR3 to DR4. Fitch attributed the downgrades to the deterioration of credit support relative to steady or rising monthly losses.
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