Class BF of IndyMac ABS Inc. series SPMD 2000-A, Group 1, has been downgraded from BBB to BB and removed from Rating Watch Negative by Fitch Ratings.In addition, the ratings on three classes in the same home equity deal were affirmed. Fitch attributed the downgrade to "adverse collateral performance and the deterioration of asset quality outside of Fitch's original expectations." The deal originally contained 9.35% of manufactured housing collateral, but the percentage had increased to 18.25% as of July 2003, the rating agency said. "To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns over the available enhancement in this deal," Fitch said.
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