S&P Downgrades Various MH Classes

The ratings on 19 classes in five manufactured housing transactions from four issuers have been lowered by Standard & Poor's Ratings Services.The downgrades from IndyMac Manufactured Housing Contract Pass-Thru Trust 1998-2 were as follows: classes A-2 through A-4, from BBB to BB; and class M-1, from B-plus to CCC. All four classes were removed from CreditWatch negative. The downgrades from Bombardier Capital Mortgage Securitization Corp., series 1998-C, were as follows: class A-1, from BB-plus to BB-minus; class M-1, from B to CCC-plus; class M-2, from CCC-plus to CCC; and class B-1, from CCC to CCC-minus. The downgrades from Bombardier series 1999-A were as follows: classes A-2 through A-5, from BB to B-plus; class M-1, from B-minus to CCC-plus; class M-2, from CCC-plus to CCC-minus; and class B-1, from CCC to CC. In Associates Manufactured Housing Contract Pass-Thru Certificates, series 1996-2, class B-1 was downgraded from BBB to BB-plus and class B-2 was downgraded from B-plus to CCC. And in UCFC Funding Corp. Manufactured Housing Pass-Thru Certificates, series 1998-3, class M-1 was downgraded from B to CCC-plus and class M-2 was downgraded from CCC-plus to CCC. S&P attributed the downgrades to "continued adverse performance trends" in the underlying MH installment sales contracts and mortgage loans. S&P can be found online at http://www.standardandpoors.com.