Fitch Downgr Conseco Finance Vehicle Trust 2000-B M-1, M-2 & B.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 13, 2001 Fitch fitch: see polecat. downgrades certain classes of Conseco Finance Vehicle Trust 2000-B in response to continued collateral performance outside of Fitch's original expectations. The affected classes and ratings are: -- Class M-1 notes to `A' from `AA'; -- Class M-2 notes to `BBB' from `A'; -- Class B notes to `BBB-' from `BBB'. The classes remain on Rating Watch Negative. The `F1+' rated class A-1 notes are expected to be paid in full on Dec. 17, 2001, using available collections. The class A-2 and class A-3 notes, currently rated `AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. ,' also remain on Rating Watch Negative. The 2000-B transaction is backed by receivables from Conseco Finance's truck and trailer retail installment sales Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. contracts and promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. . Collateral performance has been negatively impacted by a weak economy, a decrease in transport traffic and ongoing softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in the wholesale market. Fitch does not expect these conditions to materially improve in the near term. Fitch will continue to closely monitor the transaction and may take further action as warranted. Please see Fitch's surveillance on Conseco Finance Vehicle Trust 2000-B available on Fitch's Web site at www.fitchratings.com for current and historical deal performance. |
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