Two classes of WMC Mortgage Loan pass-through certificates, series 1997-1, have been downgraded by Fitch Ratings.Class M-2 was downgraded from A-plus to A-minus, and class B was downgraded from BB to CCC. The rating agency also affirmed the ratings on 15 classes in five WMC residential mortgage-backed securitizations. The downgrades resulted from the poor performance of the underlying collateral, whose high level of losses has led to the depletion of overcollateralization, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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