IndyMac ABS Classes Downgraded

Published August 19, 2005, 2:00 p.m. EDT

1 Min Read

Eight classes of IndyMac ABS Inc. home equity issues have been downgraded by Fitch Ratings.The downgrades were as follows: series SPMD 2000-A group 1, class BF, from CCC to C; series SPMD 2000-B group 1, class MF-2, from B to CCC; series SPMD 2000-C group 1, class MF-2, from CCC to C; series SPMD 2000-C group 2, class MV-2, from BBB to BB; series SPMD 2001-A group 1, class MF-1, from BBB-minus to BB-minus, and class MF-2, from CCC to C; and series SPMD 2001-B groups 1 and 2, class MF-2, from A to BBB-minus, and class BF, from CCC to C. In addition, the ratings on 30 other classes in six home equity deals were affirmed. Fitch attributed the downgrades to poor collateral performance and the deterioration of asset quality beyond original expectations. Fitch can be found online at http://www.fitchratings.com.

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