Six classes of manufactured housing securitizations issued by Oakwood Homes Corp. have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative. The following classes were downgraded from CCC/DR2 to CC/DR2: series 1995-A, class B-1; series 1996-A, class B-1; and series 2000-A, classes A-2, A-3, A-4, and A-5. Classes A-2, A-3, and A-4 of series 2001-B were placed on Rating Watch Negative. Fitch also affirmed the ratings on 36 classes from various Oakwood issues. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. Fitch can be found online at http://www.fitchratings.com.
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