IndyMac ABS Classes Downgraded

Four classes of IndyMac ABS Inc. home equity issues have been downgraded by Fitch Ratings.The downgrades were as follows: series SPMD 2000-C group 1, class MF-1, from AA to A, and class MF-2, from BB to CCC; and series SPMD 2000-C group 2, class MV-2, from A-minus to BBB, and class BV, from BBB-minus to B. In addition, the ratings on three other classes in the home equity deal were affirmed. Group 1 originally contained 12.65% of manufactured housing collateral, but the percentage had increased to 35.9% as of August, the rating agency said. In group 2, manufactured housing collateral originally accounted for 9.51% of the pool, and it accounted for 25.14% as of August. "To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns regarding the adequacy of enhancement in this deal," Fitch said. The rating agency can be found online at http://www.fitchratings.com.