Five classes from three GE Capital home equity loan pass-through certificate deals have been downgraded by Fitch Ratings.The downgrades were as follows: series 1997-HE3, class M, from AA to A, and class B1, from CC/DR4 to C/DR4; series 1999-HE1, class B1, from A to BBB, and class B2, from CC/DR3 to C/DR3; and series 1999-HE3, class B3 from CC/DR4 to C/DR3. In addition, Fitch affirmed 19 classes from seven GE Capital transactions. The downgrades were attributed to a deterioration in the relationship between credit enhancement and monthly losses. The loans consist of 15- to 30-year closed-end home equity mortgage loans secured by residential properties. Fitch can be found online at http://www.fitchratings.com.
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