Two classes of IndyMac ABS Inc. home equity issues have been downgraded by Fitch Ratings.The downgrades were as follows: class BF of series SPMD 2000-B group 1, from CC to C; and class BF of series SPMD 2001-B, from BB to CCC. In addition, the ratings on 43 classes in eight IndyMac ABS deals were affirmed. The rating agency attributed the downgrades to "poor collateral performance and the deterioration of asset quality beyond original expectations." Fitch said the percentage of manufactured housing collateral in IndyMac SPMD 2000-B group 1 had tripled (to 37.4%) as of October 2004, and that MH loans "have exhibited very high historical loss severities, causing Fitch to have concerns regarding the adequacy of enhancement in this deal." For series SPMD 2001-B, the percentage of MH collateral had grown from 2.3% at closing to 9.5% as of October. Fitch can be found online at http://www.fitchratings.com.

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