Oakwood MBS Classes Downgraded

The ratings on 16 classes in three Oakwood Mortgage Investors Inc. manufactured housing transactions have been lowered by Standard & Poor's and removed from CreditWatch with negative implications.The downgrades in OMI Trust 2002-A are as follows: classes A-2 to A-4, from AAA to AA-minus; class M-1, from AA to A-minus; class M-2, from A to BB-plus; and class B-1, from BBB to B. The downgrades in OMI Trust 2002-B are: classes A-2 to A-4, from AAA to AA-minus; class M-1, from AA to A-minus; class M-2, from A to BBB-minus; and class B-1, from BBB to BB-minus. The downgrades in OMI Trust 2002-C are: class A-1, from AAA to A-plus; class M-1, from AA to BBB-plus; class M-2, from A to BB-plus; and class B-1, from BBB to B-plus. In addition, S&P affirmed its ratings on four other classes from two of the deals and removed them from CreditWatch negative, the rating agency said. "The lowered ratings reflect the continued poor performance of the underlying pools of manufactured housing contracts and the resulting deterioration of credit enhancement," S&P said. Oakwood announced last November that it was filing for Chapter 11 bankruptcy protection.