The rating on class B-1 of OMI Trust 2000-D has been lowered from CC to D by Standard & Poor's Ratings Services.The downgrade "reflects the unlikelihood that investors will receive timely interest and the ultimate repayment of their original principal investment," S&P said. The trust reported an outstanding liquidation loss interest shortfall of $11,595.27 for the B-1 class on the July payment date. S&P said it believes that B-1 interest shortfalls "will continue to be prevalent in the future, given the adverse performance trends displayed by the underlying pool of manufactured housing retail installment contracts originated by Oakwood Homes Corp., and the location of B-1 writedown interest at the bottom of the transaction payment priorities (after distributions of senior principal)." Oakwood announced in November 2002 that it was filing for Chapter 11 bankruptcy protection. S&P can be found online at http://www.standardandpoors.com.
OMI MH Class Downgraded
Published July 28, 2003, 2:00 p.m. EDT
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