Three certificates from two IndyMac trusts have been downgraded by Moody's Investors Service.The downgrades were as follows: IndyMac Home Equity Mortgage Loan Asset-Backed Trust, series SPMD 2000-C, class MV-1, from A3 to Baa3, and class MV-2, from B2 to Caa2; and IndyMac ARM Trust mortgage pass-through certificates, series 2001-H1, class B-2, from Baa1 to Ba1. The downgrades were "based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses," Moody's said. Collateral in the 2000 deal consists of first-lien adjustable-rate subprime mortgages, while the 2001 deal is backed by first-lien, alternative-A mortgages.

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