Oakwood MH Classes Downgraded

Eighteen classes of Oakwood Homes Corp. manufactured housing transactions have been downgraded by Fitch Ratings.The downgrades were as follows: class M of series 1997-B, from A-minus to BBB-plus; class M of series 1997-C, from BBB-plus to BBB; class M of series 1997-D, from BBB-minus to BB; classes A-3, A-4, and A-5 of series 1999-B, from AA-minus to A-plus; classes A-1 and A-ARM of series 1998-C, from BBB-plus to BBB-minus; classes A-2, A-3, A-4, and A-5 of series 1999-A, from BBB-minus to BB; classes A-2, A-3, and A-4 of series 1999-B, from BB-minus to B; and classes A-2, A-3, and A-4 of series 2001-B, from BBB-minus to BB-plus. The rating agency also upgraded one class and affirmed the ratings on 52 classes in 19 Oakwood transactions. In explaining the downgrades, Fitch said cumulative losses as a percentage of the initial pool balance are expected to total approximately 17%-23% for the 1995-1996 transactions, 22%-38% for the 1997-1999 transactions, and 34%-46% for the 2000-2001 transactions. The rating agency can be found on the Web at http://www.fitchratings.com.