Irwin Servicer Ratings Downgraded

Irwin Home Equity Corp.'s residential primary servicer ratings for home equity and high loan-to-value products have been downgraded from RPS2-minus to RPS2 by Fitch Ratings.The downgrades reflect "profitability pressures" at IHE's parent company, Irwin Financial Corp., and the fact that continued weakness in the sector could affect Irwin Financial's financial flexibility, Fitch said. Irwin Financial reported a loss in the first quarter, partly due to a $10.1 million loss at the San Ramon, Calif.-based IHE, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.