REAB CDO Class Downgraded

Class B of a static-cash-flow collateralized debt obligation issued by REAB II Ltd. has been downgraded from AA-minus to A-minus and removed from Rating Watch Negative by Fitch Ratings, which cited the CDO's exposure to manufactured housing contracts issued by Conseco Finance Securitization Corp.The class was placed on Rating Watch Negative June 4 after an obligation in its portfolio, class A-4 of Conseco's manufactured housing contract senior/subordinate pass-through certificates, series 2000-6, was downgraded to A-minus, the rating agency said. Fitch said the Conseco MH has a short expected life and, "to the extent it matures," the rating on the class B notes will be "positively" affected.