Class B-4 of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates, series 1997-HUD1, has been downgraded from CCC to CC by Fitch Ratings.In addition, Fitch upgraded 26 classes from 12 Salomon deals and affirmed the ratings on 43 classes in 17 securitizations. The downgrade was attributed to decreased credit enhancement available to offset "potential losses from the increasing delinquency pipeline." As of the October distribution, nearly 19% of the remaining mortgage loans were nonperforming, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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