Conseco Fin & Green Tree Fin Ltd Guar Tranches On Rtg Watch Evolv.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 14, 2000 Fitch fitch: see polecat. places the limited guarantee classes of Conseco Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the Finance Corp. and Green Tree Financial Corp.'s securitizations listed below on Rating Watch Evolving. This action follows Fitch's downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. of Conseco Finance Corp.'s (Conseco) senior debt rating to `B' from `BB-'. For more information regarding Fitch's rating of Conseco Finance Corp., please see Fitch's press release dated August 11, 2000. To date, the ratings on these securities have reflected the strength of the limited guarantee provided by Conseco (formerly Green Tree Financial Corp.). If the limited guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. were the only form of credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for these securities, they would be downgraded to `B'. However, all of these securities are also supported by monthly excess interest, and in some cases, over- collateralization In medicine, collateralization, also vessel collaterlization and blood vessel collateralization, is the growth of a blood vessel or several blood vessels that serve the same end organ or vascular bed as another blood vessel that cannot adequately supply that end organ (O/C). Fitch will evaluate each of these securities to determine whether the excess interest, and if applicable, O/C, is sufficient to achieve a rating above the `B' rating of the company. The affected securities are: Green Tree Financial Corp. and Conseco Finance Corp. manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected contracts pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size : Series 1992-1, series 1992-2, series 1993-1, series 1993-2, series 1994-1, series 1994-2, series 1994-3, series 1994-5, series 1994-6, series 1994-7, series 1994-8, series 1995-1, series 1995-2, series 1995-3, series 1995-4, series 1995-5, series 1995-6, series 1995-7, series 1995-8, series 1995-9, series 1995-10, series 1996-1, series 1996-2, series 1996- 3, series 1996-4, series 1996-5, series 1996-6, series 1996-7, series 1996-8, series 1996-9, series 1996-10, series 1997-1, series 1997-2, series 1997-3, series 1997-4, series 1997-5, series 1997-6, series 1997-8, series 1998-1, series 1998-3, series 1998-4, series 1998-6, series 1998-7, series 1999-1, series 1999-2, series 1999-3, series 1999-4, series 1999-5, series 2000-1, 2000-2, 2000-4. Green Tree Financial Corp. and Conseco Finance Corp. home equity loan certificates: Series 1996-C, 1996-D, series 1996-F, series 1997-A, series 1997-B, series 1997-C, series 1997-D, series 1997-E, series 1998-B, series 1998-C, series 1998-D, series 1998-E, series 1999-A, series 1999-C, series 1999-D, series 1999-F, series 1999-H Group I, series 2000-A, series 2000-B, series 2000-C. Green Tree Financial Corp. and Conseco Finance Corp. home improvement loan certificates: Series 1996-C, series 1996-D, series 1996-E, series 1996-F, series 1997-A, series 1997-C, series 1997-D, series 1997-E, series 1998-B, series 1998-D, series 1998-E, series 1999-E. Green Tree Recreational, Equipment & Consumer Trust: Series 1996-B, series 1996-C, series 1996-D, series 1997-A, series 1997-B, series 1997-C, series 1997-D, series 1998-A, series 1998-B, series 1998-C, series 1999-A. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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