Class B-3 of GE Home Equity series 1999-HE1 has been downgraded from CC to C by Fitch Ratings.The bond took a principal writedown on June 25, and credit support for the class has been reduced to zero due to the level of losses, Fitch said. "Although the transaction's structure allows for the writedown amount to be repaid in subsequent months, if there are recoveries in the future, the structure does not allow for interest on the written-down amount to be repaid," the rating agency said.
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