IndyMac HEL Class Downgraded

Published January 14, 2005, 3:00 p.m. EST

1 Min Read

Class BV of IndyMac ABS Inc. Home Equity series SPMD 2000-C, group 2, has been downgraded from B to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on three other classes in the transaction. The negative rating action was attributed to poor collateral performance and "the deterioration of asset quality beyond original expectations." Series SPMD 2000-C, group 2, originally contained 9.51% in manufactured housing collateral, and the percentage had increased to 25.3% as of December 2004. "To date, the MH loans have exhibited very high loss severities, causing Fitch to have concerns regarding the adequacy of enhancement in this deal," the rating agency said. MH collateral has been responsible for 55% of cumulative losses. Fitch can be found online at http://www.fitchratings.com.

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