S&P Takes Various Rtg Actions on Conseco-Rel MH Deals.Business Editors NEW YORK--(BUSINESS WIRE)--May 1, 2003 (Standard & Poor's)--Standard & Poor's Ratings Services Ratings Service A company, such as Moody's or Standard & Poor's, that rates various debt and preferred stock issues for safety of payment of principal, interest, or dividends. today raised its ratings on 10 classes from 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. (Conseco)-related 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 transactions and removed them from CreditWatch with negative implications. At the same time, ratings are affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. on 72 other Conseco-related classes and removed from CreditWatch. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , the ratings on 134 classes from Conseco-related manufactured housing transactions are lowered and removed from CreditWatch (see list). The ratings on all classes from Conseco-related manufactured housing transactions issued in 2002 remain on CreditWatch due to the lack of performance history associated with the underlying collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although pools. In addition, the ratings on classes M-1, M-2, and B-1 from Conseco Manufactured Housing Senior/Subordinate Pass-Through pass-through n. 1. An opening between two rooms, especially a shelved space between a kitchen and dining room that is used for passing food. 2. A route through which something is permitted to pass. 3. Trust 2000-3 remain on CreditWatch while Standard & Poor's completes its evaluation regarding the sufficiency of credit support added to the transaction post closing. All ratings were originally placed on CreditWatch Oct. 21, 2002. The raised ratings reflect the increased 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 levels relative to expected remaining losses. The affirmed ratings reflect the robust credit support that is available to support the classes at their original rating levels. Although projected lifetime cumulative net losses for all transactions significantly exceed original expectations, credit enhancement levels in some series issued in earlier vintages continue to provide adequate protection to investors in order to maintain ratings at their original levels. In some cases, credit enhancement levels as a multiple of expected net losses over the remaining life of the transactions have increased to levels sufficient to support higher ratings. Despite higher projected losses, the buildup build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. of credit enhancement in seasoned transactions was achieved through the sequential One after the other in some consecutive order such as by name or number. pay structure of the deals in which subordination To put in an inferior class or order; to make subject to, or subservient. A legal status that refers to the establishment of priority between various existing liens or encumbrances on the same parcel of property. levels supporting the senior classes continue to build as the collateral pools and the senior classes pay down. The lowered ratings reflect the continued poor performance of the underlying pools of manufactured housing contracts and the resulting deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of credit enhancement, with series issued in recent vintages displaying greater signs of stress relative to series issued in previous vintages. The performance trends associated with the pools of manufacturing housing contracts, which support the rated certificates, have deteriorated during the past two years, with more pronounced deterioration experienced during the past six months. Conseco announced in October October: see month. 2002 that it would discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: its conventional chattel paper A writing or writings that evidence both a monetary obligation and a security interest in or a lease of specific goods. In many instances chattel paper will consist of a negotiable instrument coupled with a security agreement. financing business, limiting its ability to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the repossessed manufactured housing collateral through retail channels and, consequently, causing it to be more reliant on wholesale liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy channels. Shortly thereafter, Conseco suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. all of its manufactured home financing and assumption programs in November November: see month. 2002. The suspension of its manufactured home lending business, in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it. For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. market, resulted in the further weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of recovery rates associated with these transactions. Recovery rates on
all of Conseco's manufactured housing transactions have dissipated dis·si·pat·ed adj. 1. Intemperate in the pursuit of pleasure; dissolute. 2. Wasted or squandered. 3. Irreversibly lost. Used of energy. substantially during the past six months, averaging below 20%. Also, in some months, liquidation proceeds have been insufficient in·suf·fi·cient adj. 1. Not sufficient. 2. Incapable of proper functioning. to cover liquidation expenses for some transactions. Conseco also discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: its loan assumption program in November 2002. This loss mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy strategy allowed delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loan balances to be assumed by new obligors, typically lower quality obligors. The assumed receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed not only remained in the pool but were also treated as being current. Consequently, the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of the loan assumption program resulted in higher delinquencies and repossessions, adversely affecting collateral performance for all transactions. Furthermore, based on an interim order issued by the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , the servicing fee paid to Conseco was increased to 125 basis points (bps) from 50 bps and raised to a senior position in the payment priority established for each manufactured housing deal after Conseco's bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing, decreasing the amount of excess spread available to cover losses. The cumulative impact on transaction performance of these events, including the suspension of Conseco's assumption program, the exit of Conseco from the manufactured housing originations business, and, lastly, Conseco's bankruptcy filing, has caused further increases in delinquencies, repossessions, and loss severities. Conseco's transactions, in particular, series issued in the 1999 and 2000 vintages, displayed steep deterioration in terms of losses during the past six months. Cumulative net losses as a percentage of the respective original pool balances have increased significantly, rising by an average of 45% and 125% in the 1999 and 2000 transactions, respectively, since September September: see month. 2002. Moreover, monthly yield generated by the underlying collateral for all transactions has been insufficient to cover monthly net losses, thereby depleting the credit enhancement, which is available to cover future losses. As a result, most of the transactions have experienced principal carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) shortfalls. The sale of Conseco was approved by the bankruptcy court on March 14, 2003 as follows: Conseco's Mill Creek Mill Creek is an ambiguous placename used in the United States and Canada: Communities In California:
CFN Companhia Ferroviaria do Nordeste (Brazil) CFN Commercial Fueling Network CFN Conselho Federal de Nutricionistas (Brazil) Investment Holdings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a joint venture between Fortress Investment Group Fortress Investment Group (NYSE: FIG) is a New York, NY-based asset management firm which manages private equity, hedge funds and real estate and railroad-related investments, with announced plans to move into casinos and horse racing. LLC, J.C. Flowers & Co. LLC, and Cerberus Cerberus (sûr`bərəs), in Greek mythology, many-headed dog with a mane and a tail of snakes; offspring of Typhon and Echidna. He guarded the entrance of Hades. One of the 12 labors of Hercules was to capture him. Capital Management L.P. The sale of Conseco is expected to close by May 2003. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the purchase agreement, the servicing fee on the manufactured housing deals will be 125 bps for the first 12 months and, thereafter, 115 bps per annum Per annum Yearly. , and will now be senior in the payment priority waterfall waterfall, a sudden unsupported drop in a stream. It is formed when the stream course is interrupted as when a stream passes over a layer of harder rock—often igneous—to an area of softer and therefore more easily eroded rock; the edge of a cliff or established for each deal. Since there will be no physical transfer of servicing (only transfer of ownership of the servicing platform), uncertainty regarding servicing quality is expected to dissipate dis·si·pate v. dis·si·pat·ed, dis·si·pat·ing, dis·si·pates v.tr. 1. To drive away; disperse. 2. . On Sept. 26, 2002, Standard & Poor's lowered its ratings on 83 classes of 11 Conseco-related transactions issued in 1999 and 2000 based on the adverse performance trends displayed by the underlying collateral and dissipating credit support. On Oct. 21, 2002, the ratings on all manufactured housing classes (except the guaranteed B-2 classes, which were weak-linked to the rating of Conseco as guarantor guarantor n. a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. (See: guarantee) GUARANTOR, contracts. He who makes a guaranty. 2. ) issued between 1995 and 2002 were placed on CreditWatch negative following Conseco's announcement that it would discontinue its conventional chattel paper financing business and focus on its land-home business while continuing to support chattel paper lending exclusively through the FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). Title I program. Subsequently, Standard & Poor's lowered its ratings on all of the corporate guaranteed B-2 classes to 'D' on Dec. 23, 2002 and March 11, 2003 due to interest shortfalls experienced by these classes.
RATINGS AFFIRMED AND REMOVED FROM CREDITWATCH
Green Tree Financial Corp. Man Hsg Trust
Rating
Series Class To From
1995-2 A-6 AAA AAA/Watch Neg
1995-3 A-6 AAA AAA/Watch Neg
1995-4 A-5 AAA AAA/Watch Neg
1995-4 A-6 AAA AAA/Watch Neg
1995-4 B-1 BBB+ BBB+/Watch Neg
1995-5 A-6 AAA AAA/Watch Neg
1995-6 A-5 AAA AAA/Watch Neg
1995-6 A-6 AAA AAA/Watch Neg
1995-6 M-1 AA- AA-/Watch Neg
1995-6 B-1 BBB+ BBB+/Watch Neg
1995-7 A-5 AAA AAA/Watch Neg
1995-7 A-6 AAA AAA/Watch Neg
1995-7 B-1 BBB+ BBB+/Watch Neg
1995-8 A-6 AAA AAA/Watch Neg
1995-8 B-1 BBB+ BBB+/Watch Neg
1995-9 A-5 AAA AAA/Watch Neg
1995-9 A-6 AAA AAA/Watch Neg
1995-9 M-1 AA- AA-/Watch Neg
1995-9 B-1 BBB+ BBB+/Watch Neg
1995-10 A-6 AAA AAA/Watch Neg
1995-10 M-1 AA- AA-/Watch Neg
1995-10 B-1 BBB+ BBB+/Watch Neg
1996-1 A-4 AAA AAA/Watch Neg
1996-1 A-5 AAA AAA/Watch Neg
1996-1 B-1 BBB+ BBB+/Watch Neg
1996-2 A-4 AAA AAA/Watch Neg
1996-2 A-5 AAA AAA/Watch Neg
1996-2 M-1 AA- AA-/Watch Neg
1996-3 A-5 AAA AAA/Watch Neg
1996-3 A-6 AAA AAA/Watch Neg
1996-3 M-1 AA- AA-/Watch Neg
1996-4 A-6 AAA AAA/Watch Neg
1996-4 A-7 AAA AAA/Watch Neg
1996-5 A-6 AAA AAA/Watch Neg
1996-5 A-7 AAA AAA/Watch Neg
1996-6 A-6 AAA AAA/Watch Neg
1996-6 M-1 AA- AA-/Watch Neg
1996-7 A-6 AAA AAA/Watch Neg
1996-7 M-1 AA- AA-/Watch Neg
1996-8 A-6 AAA AAA/Watch Neg
1996-8 A-7 AAA AAA/Watch Neg
1996-9 A-5 AAA AAA/Watch Neg
1996-9 A-6 AAA AAA/Watch Neg
1996-9 M-1 AA- AA-/Watch Neg
1996-10 A-5 AAA AAA/Watch Neg
1996-10 A-6 AAA AAA/Watch Neg
1996-10 M-1 AA- AA-/Watch Neg
1997-4 A-5 AAA AAA/Watch Neg
1997-4 A-6 AAA AAA/Watch Neg
1997-4 A-7 AAA AAA/Watch Neg
1997-4 M-1 AA- AA-/Watch Neg
1997-6 A-6 AAA AAA/Watch Neg
1997-6 A-7 AAA AAA/Watch Neg
1997-6 A-8 AAA AAA/Watch Neg
1997-6 A-9 AAA AAA/Watch Neg
1997-6 A-10 AAA AAA/Watch Neg
1997-7 A-6 AAA AAA/Watch Neg
1997-7 A-7 AAA AAA/Watch Neg
1997-7 A-8 AAA AAA/Watch Neg
1997-7 A-9 AAA AAA/Watch Neg
1997-7 A-10 AAA AAA/Watch Neg
1997-8 A-1 AAA AAA/Watch Neg
1998-2 A-5 AAA AAA/Watch Neg
1998-2 A-6 AAA AAA/Watch Neg
1998-5 A-1 AAA AAA/Watch Neg
Manufactured Housing Senior/Sub Pass-Thru Trust
Rating
Series Class To From
1999-1 A-3 AA+ AA+/Watch Neg
1999-3 A-4 AA+ AA+/Watch Neg
1999-4 A-4 AA AA/Watch Neg
Manufactured Hsg Contract Sr/Sub Pass-thru Certs
Rating
Series Class To From
2000-6 A-2 AA AA/Watch Neg
2001-1 A-2 AAA AAA/Watch Neg
2001-3 A-1 AAA AAA/Watch Neg
2001-4 A-1 AAA AAA/Watch Neg
RATINGS RAISED AND REMOVED FROM CREDITWATCH
Green Tree Financial Corp. Man Hsg Trust
Rating
Series Class To From
1995-2 M-1 AAA AA-/Watch Neg
1995-2 B-1 AA BBB+/Watch Neg
1995-3 M-1 AAA AA-/Watch Neg
1995-3 B-1 AAA BBB+/Watch Neg
1995-4 M-1 AA+ AA/Watch Neg
1995-5 M-1 AAA AA-/Watch Neg
1995-5 B-1 A+ BBB+/Watch Neg
1995-7 M-1 AA AA-/Watch Neg
1995-8 M-1 AAA AA-/Watch Neg
1996-1 M-1 AA AA-/Watch Neg
RATINGS LOWERED AND REMOVED FROM CREDITWATCH
Green Tree Financial Corp. Man Hsg Trust 1996-2
Rating
Class To From
B-1 BBB- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-3
Rating
Class To From
B-1 BBB- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-4
Rating
Class To From
M-1 A AA-/Watch Neg
B-1 B+ BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-5
Rating
Class To From
M-1 A+ AA-/Watch Neg
B-1 B BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-6
Rating
Class To From
B-1 B+ BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-7
Rating
Class To From
B-1 BB+ BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-8
Rating
Class To From
M-1 A+ AA-/Watch Neg
B-1 B- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-9
Rating
Class To From
B-1 BB BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1996-10
Rating
Class To From
B-1 BB- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1997-4
Rating
Class To From
B-1 BB BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1997-6
Rating
Class To From
M-1 A+ AA-/Watch Neg
B-1 B+ BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1997-7
Rating
Class To From
M-1 A+ AA-/Watch Ne
B-1 B+ BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1997-8
Rating
Class To From
M-1 A+ AA-/Watch Neg
B-1 B+ BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1998-2
Rating
Class To From
M-1 BBB+ AA/Watch Neg
B-1 B- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1998-3
Rating
Class To From
A-5 AA+ AAA/Watch Neg
A-6 AA+ AAA/Watch Neg
M-1 BBB+ AA/Watch Neg
B-1 B- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1998-5
Rating
Class To From
M-1 A- AA-/Watch Neg
B-1 B- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1998-6
Rating
Class To From
A-5 AA+ AAA/Watch Neg
A-6 AA+ AAA/Watch Neg
A-7 AA+ AAA/Watch Neg
A-8 AA+ AAA/Watch Neg
M-1 BBB+ AA-/Watch Neg
M-2 BB+ A/Watch Neg
B-1 B- BBB+/Watch Neg
Green Tree Financial Corp. Man Hsg Trust 1998-8
Rating
Class To From
A-1 AA- AAA/Watch Neg
M-1 BBB+ AA/Watch Neg
M-2 BB A-/Watch Neg
B-1 CCC BBB/Watch Neg
Manufactured Housing Senior/Sub Pass-Thru Trust 1999-1
Rating
Class To From
A-4 A AA+/Watch Neg
A-5 A AA+/Watch Neg
A-6 A AA+/Watch Neg
A-7 A AA+/Watch Neg
M-1 BBB- A-/Watch Neg
M-2 B BBB-/Watch Neg
B-1 CCC BB-/Watch Neg
Manufactured Housing Senior/Sub Pass-Thru Trust 1999-2
Rating
Class To From
A-3 A AA+/Watch Neg
A-4 A AA+/Watch Neg
A-5 A AA+/Watch Neg
A-6 A AA+/Watch Neg
A-7 A AA+/Watch Neg
M-1 BB+ A-/Watch Neg
M-2 B BBB-/Watch Neg
B-1 CCC BB-/Watch Neg
Manufactured Housing Senior/Sub Pass-Thru Trust 1999-3
Rating
Class To From
A-5 BBB+ AA+/Watch Neg
A-6 BBB+ AA+/Watch Neg
A-7 BBB+ AA+/Watch Neg
A-8 BBB+ AA+/Watch Neg
A-9 BBB+ AA+/Watch Neg
M-1 BB- A-/Watch Neg
M-2 B- BBB-/Watch Neg
B-1 CCC- BB-/Watch Neg
Manufactured Housing Senior/Sub Pass-Thru Trust 1999-4
Rating
Class To From
A-5 BBB- AA/Watch Neg
A-6 BBB- AA/Watch Neg
A-7 BBB- AA/Watch Neg
A-8 BBB- AA/Watch Neg
A-9 BBB- AA/Watch Neg
M-1 B- BBB+/Watch Neg
M-2 CCC BB+/Watch Neg
B-1 CCC- B+/Watch Neg
Manufactured Housing Senior/Sub Pass-Thru Trust 1999-5
Rating
Class To From
A-3 BBB- AA-/Watch Neg
A-4 BBB- AA-/Watch Neg
A-5 BBB- AA-/Watch Neg
A-6 BBB- AA-/Watch Neg
M-1 B- BBB/Watch Neg
M-2 CCC BB/Watch Neg
B-1 CCC- B+/Watch Neg
Manufactured Housing Contract Senior/Sub Pass-Thru Tr 1999-6
Rating
Class To From
A-1 BBB- A/Watch Neg
M-1 B- BBB/Watch Neg
M-2 CCC BB/Watch Neg
B-1 CCC- B+/Watch Neg
Manufactured Housing Sen/Sub Pass-thru Trust 2000-2
Rating
Class To From
A-3 BBB- AA/Watch Neg
A-4 BBB- AA/Watch Neg
A-5 BBB- AA/Watch Neg
A-6 BBB- AA/Watch Neg
M-1 B- A-/Watch Neg
M-2 CCC BB+/Watch Neg
B-1 CCC- BB-/Watch Neg
Conseco MH Senior/Subordinate Pass-Through Trust 2000-3
Rating
Class To From
A BBB- AA+/Watch Neg
Manufactured Hsg contract Sr/Sub Pass-thru Certs Ser 2000-4
Rating
Class To From
A-3 BBB- AA/Watch Neg
A-4 BBB- AA/Watch Neg
A-5 BBB- AA/Watch Neg
A-6 BBB- AA/Watch Neg
M-1 B- A/Watch Neg
M-2 CCC BBB/Watch Neg
B-1 CCC- BB/Watch Neg
Manufactured Hsg contract Sr/Sub Pass-thru Certs Ser 2000-5
Rating
Class To From
A-3 BBB- AA/Watch Neg
A-4 BBB- AA/Watch Neg
A-5 BBB- AA/Watch Neg
A-6 BBB- AA/Watch Neg
A-7 BBB- AA/Watch Neg
M-1 B- A/Watch Neg
M-2 CCC BBB/Watch Neg
B-1 CCC- BB/Watch Neg
Manufactured Hsg contract Sr/Sub Pass-thru Certs Ser 2000-6
Rating
Class To From
A-3 BBB+ AA/Watch Neg
A-4 BBB+ AA/Watch Neg
A-5 BBB+ AA/Watch Neg
M-1 BB+ A/Watch Neg
M-2 B BBB/Watch Neg
B-1 B- BB/Watch Neg
Manufactured Hsg Contract Sr/Sub Pass-Thru Certs Ser 2001-1
Rating
Class To From
A-3 A AAA/Watch Neg
A-4 A AAA/Watch Neg
A-5 A AAA/Watch Neg
A-IO A AAA/Watch Neg
M-1 BBB+ AA/Watch Neg
M-2 BB A/Watch Neg
B-1 B BBB/Watch Neg
Manufactured Hsg Contract Sr/Sub Pass-Thru Certs Ser 2001-2
Rating
Class To From
A-IO A AAA/Watch Neg
M-1 BBB+ AA/Watch Neg
M-2 BBB- A+/Watch Neg
B-1 B+ BBB/Watch Neg
Manufactured Housing Contract Sr/Sub Pass-Thru Certs Series 2001-3
Rating
Class To From
A-2 A+ AAA/Watch Neg
A-3 A+ AAA/Watch Neg
A-4 A+ AAA/Watch Neg
A-IO A+ AAA/Watch Neg
M-1 A- AA/Watch Neg
M-2 BBB- A/Watch Neg
B-1 BB- BBB/Watch Neg
Manufactured Housing Contract Sr/Sub Pass-Thru Certs Series 2001-4
Rating
Class To From
A-2 A+ AAA/Watch Neg
A-3 A+ AAA/Watch Neg
A-4 A+ AAA/Watch Neg
A-IO A+ AAA/Watch Neg
M-1 A- AA/Watch Neg
M-2 BBB- A/Watch Neg
B-1 BB- BBB/Watch Neg
RATINGS REMAIN ON CREDITWATCH
Conseco MH Senior/Subordinate Pass-Through Trust 2000-3
Class Rating
M-1 A/Watch Neg
M-2 BBB/Watch Neg
B-1 BB/Watch Neg
Manufactured Housing Contract Sr/Sub Pass-Thru Certificates Series
2002-1
Class Rating
A AAA/Watch Neg
M-1-A AA-/Watch Neg
M-1-F AA-/Watch Neg
M-2 A-/Watch Neg
B-1 BBB/Watch Neg
Manufactured Housing Contract Sr/Sub Pass-Through Certificates Series
2002-2
Class Rating
A-2 AAA/Watch Neg
A-IO AAA/Watch Neg
M-1 AA/Watch Neg
M-2 A/Watch Neg
B-1 BBB/Watch Neg
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