Five classes from two Merit Securities Corp. manufactured housing contract transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 12-1, class M-1, from A to BBB-minus, class M-2, from BB-minus to B, and class B-1, from CCC to CC; and series 13, class M-1, from BBB-minus to BB-minus, and class M-2, from B to B-minus. Fitch also affirmed the ratings on three other classes from the two deals. The rating agency said the downgrades reflect the poor performance of the collateral pool. The deals, both issued in 1999, include loans that were called from previous transactions. Fitch can be found online at http://www.fitchratings.com.
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