Two classes of Impac SAC mortgage pass-through certificates, series 1999-2, have been downgraded by Fitch Ratings.Class B-1 was downgraded from B-minus to CCC, and class B-2 was downgraded from C to D. In addition, Fitch upgraded one class in the deal and affirmed the ratings on three other classes. The downgrades were attributed to incurred losses, loss expectations, and high delinquencies relative to the applicable credit support. Class B-1 was also downgraded because recoveries were used to increase the class B-2 certificate balance to which realized losses had been allocated, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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