The rating on class IB-1 of Manufactured Housing Contract Trust series 2000-3 has been lowered from CC to D by Standard & Poor's Ratings Services.S&P attributed the downgrade to a shortfall on the loss liquidation interest amount due to the class IB-1 certificates on June 20. On the May 20 remittance date, the class had been written down to cover part of a class I-A principal shortfall. "The priority of distributions is such that on the June 20, 2003 remittance date, the class IB-1 certificates received interest on the class IB-1 adjusted balance; however, the class IB-1 certificates did not receive interest on the loss liquidation amount," the rating agency said. S&P can be found online at http://www.standardandpoors.com.
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