Fitch Ratings Downgrades Various Impac Funding Corp. Issues.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 27, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. downgrades the following Impac Funding Corp.'s mortgage 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 : ICIFC Secured Assets Corp. Mtge. Pass-Through Certificates, Series 1997-1 -- Class B4 rated 'BB' is placed on Rating Watch Negative. -- Class B5 rated 'CCC' is downgraded to 'C'. ICIFC Secured Assets Corp. Mtge. Pass-Through Certificates, Series 1997-2 -- Class B5 rated 'B' is downgraded to 'CCC'. ICIFC Secured Assets Corp. Mtge. Pass-Through Certificates, Series 1997-3 -- Class B2 rated 'CCC' Rating Watch Negative is downgraded to 'C'. Impac Secured Assets Corp., Mtge. Pass-Through Certificates, Series 2000-1 -- Class B1 rated 'BB' is placed on Rating Watch Negative. -- Class B2 rated 'B' Rating Watch Negative is downgraded to 'CCC'. Impac Secured Assets Corp., Mtge. Pass-Through Certificates, Series 2000-3 -- Class M3 rated 'BBB' is placed on Rating Watch Negative. -- Class B1 rated 'B' is downgraded to 'C'. -- Class B2 rated 'C' is downgraded to 'D'. These actions are taken due to the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the February February: see month. 25, 2003 distribution. For specific delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. and loss information, please visit our web site at 'www.fitchratings.com'. |
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