Two classes of Lehman HEL Trust 1998-1 securities have been downgraded by Fitch Ratings.Class M-1 was downgraded from BBB to CCC, and class M-2 was downgraded from CCC to C. Fitch also affirmed the rating on one other class in the transaction. The downgrades were attributed to higher-than-expected collateral losses that, as of the Oct. 25 distribution, totaled 3.09%. The collateral consists of nonconforming, closed-end, fixed-rate home equity loans originated by First Union Home Equity Bank and initially acquired by Lehman Capital, a division of Lehman Brothers Holdings Inc., Fitch reported.
Processing Content
