Fifteen classes from three issues of IndyMac Manufactured Housing contract pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 1997-1, classes A-2 to A-6, from AA to A, and class M, from CCC to C; series 1998-1, classes A-3 to A-5, from A to BBB-plus, and class M, from CCC to C; and series 1998-2, classes A-2 to A-4, from AA to A, class M-1, from B to CC, and class M-2, from CCC to C. The downgrades were due to continued poor performance of the underlying collateral, as well as diminishing credit enhancement, Fitch said. As of the February distribution date, the cumulative loss percentages on series 1997-1, 1998-1, and 1998-2 were 22.63%, 22.10%, and 20.01%, respectively, the rating agency said.

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