Four classes of GE Capital home equity loan pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 1997-HE3, class B1, from BB-minus to CCC; series 1997-HE4, class B1, from B to CCC; series 1999-HE1, class B2, from CCC to C; and series 1999-HE3, class B3, from CCC to C. In addition, Fitch affirmed the ratings on 15 certificates from the same four GE Capital HEL transactions. The downgrades were attributed to poor collateral performance and greater-than-expected deterioration in asset quality.
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