Twelve 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 A to B-plus; series 1998-1, classes A-3 to A-5, from BBB-plus to B; and series 1998-2, classes A-2 to A-4, from A to BB, and class M-1, from CC to C. The downgrades were attributed to continued poor performance of the underlying collateral. "The rating actions reflect Fitch's adjusted expectation that performance will remain relatively stable, and improvement will be limited," the rating agency said.

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