Moody's Downgrades IndyMac MBS Classes

Two subordinate certificates issued by IndyMac ARM Trust, series 2001-H1, have been downgraded by Moody's Investors Service.Class B-2 was downgraded from A2 to Baa1, and class B-3 was downgraded from Ba2 to Ca. The underlying loans consist primarily of first-lien, hybrid adjustable-rate mortgage loans originated by IndyMacBank FSB, Moody's said. The downgrades were attributed to credit enhancement levels that are low in view of the projected losses on the underlying pools. Higher-than-expected losses have resulted in a complete writedown of the two most subordinate classes (B-5 and B-6), the rating agency said. Moody's can be found online at http://www.moodys.com.