GE HEL Classes Downgraded

Seven classes from four home equity securitizations issued by GE Capital Mortgage Services Inc. have been downgraded by Fitch Ratings.The downgrades are as follows: series 1997-HE3, class B-1, from A-minus to BBB-minus, and class B-2, from B to CC; series 1997-HE4, class B-2, from B to CCC; series 1999-HE1, class B-2, from BBB-minus to BB, and class B-3, from B-minus to CC; and series 1999-HE3, class B-3, from BB to B, and class B-4, from CCC to D. Fitch also placed class M of series 1997-HE3 and class B-1 of series 1997-HE4 on Rating Watch Negative and affirmed 16 other classes from the four transactions. The rating agency attributed the downgrades to loss levels and high delinquencies relative to the applicable credit support. Fitch can be found online at http://www.fitchratings.com.