Three classes of Pass Through Asset Class Execution 1997-I, series CWMBS 1997-4, have been downgraded by Moody's Investors Service.The downgrades were as follows: class B-2, from Baa2 to B2; class B-3, from Ba2 to Ca; and class B-4, from B2 to C. In addition, class M was upgraded from Aa2 to Aaa. Moody's said the downgrades were prompted by the fact that the three classes' credit support, classes B-4 and B-5, were completely written down due to higher-than-expected losses. Class B-3 has also begun to take writedowns, the rating agency said. The pool consists of 30-year fixed-rate conforming balance loans originated and serviced by Countrywide Home Loans. Moody's can be found online at http://www.moodys.com.
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