IndyMac HEL Deals Downgraded

Eleven classes of IndyMac ABS Inc. Home Equity deals have been downgraded by Fitch Ratings.The downgrades were as follows: series SPMD 2000-B Group 1, class MF-2, from A to BBB-minus, and class BF, from BBB to B-minus; series SPMD 2000-C Group 1, class MF-2, from A to BBB; series SPMD 2000-C Group 2, class MV-2, from A to A-minus, and class BV, from BBB to BBB-minus; series SPMD 2001-A Group 1, class MF-1, from AA to A-minus, class MF-2, from A-minus to BB, and class BF, from CCC to CC; series SPMD 2001-A Group 2, class MV-1, from AA to A-minus, class MV-2, from A to BBB-minus, and class BV, from BBB to BB. All the downgraded classes but class BF of series SPMD 2001-A Group 1 and class MV-1 of SPMD 2001-A Group 2 were removed from Rating Watch Negative. In addition, class MF-1 of series SPMD 2000-B Group 1 was placed on Rating Watch Negative, and the ratings on 19 other classes in six deals were affirmed. Fitch attributed the downgrades to adverse collateral performance and the deterioration of asset quality. "To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns over the available enhancement in these deals," the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.