The rating on class HI B-2 of Home Improvement & Home Equity Loan Trust 1997-C, a Conseco Finance Corp.-related transaction, has been lowered from CCC-minus to D by Standard & Poor's Ratings Services.S&P said Conseco Finance did not make any payments under a limited guarantee on the July 15 and Aug. 15 distribution dates, causing interest shortfalls on class HI B-2 that resulted in default. "These interest shortfalls were not made known until corrected monthly distribution reports were sent on Friday, Aug. 29, 2003," S&P said, citing an error in the reporting model used by the servicer, Green Tree Servicing LLC, as the cause of the delay. S&P can be found online at http://www.standardandpoors.com.
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