Class A of Signal Securitization Corp. series 1998-2, a manufactured housing transaction, has been downgraded from BBB-minus to BB-minus by Fitch Ratings.In addition, one class in another Signal deal was upgraded and the ratings on two other classes from two Signal MH transactions were affirmed. The downgrade was attributed to cumulative losses that are expected to total 29%. The rating agency noted that Signal Bank NA bought manufactured housing contracts through Mobile Consultants Inc., who originated and subserviced manufactured housing contracts for Signal Bank and 25 other lenders. MCI was acquired by Signal Bank's parent, First Federal Savings Financial Services.
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