Class BV of IndyMac ABS Inc. home equity series SPMD 2000-B, group 2, has been downgraded from BB to CCC by Fitch Ratings.In addition, the rating agency affirmed three other classes in the transaction. The downgrade was attributed to poor collateral performance and the deterioration of asset quality beyond original expectations. Fitch said the portfolio performance is suffering, in part, from adverse selection, citing the increase in manufactured housing collateral from 6.7% of the pool at closing to 20.2% as of September. "To date, MH loans have exhibited very high historical loss severities, causing Fitch to have concerns regarding the adequacy of enhancement in this deal, especially with regard to class BV," the rating agency said. Manufactured housing collateral has been responsible for 42.8% of total losses to date in the transaction, Fitch reported. The rating agency can be found online at http://www.fitchratings.com.

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