Two classes of GE Home Equity 1997-HE4 mortgage pass-through certificates have been downgraded by Fitch Ratings.Class B-1 was downgraded from BBB to BB and removed from Rating Watch Negative, and class B-2 was downgraded from CCC to C. The rating agency said losses have depleted the credit support for class B-2, which recently took a principal writedown. "Although the transaction's structure allows for the writedown amount to be repaid from future recoveries, the structure does not allow for interest on the written-down amount to be repaid," Fitch said. The rating agency can be found on the Web at http://www.fitchratings.com.
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