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Fitch Rating Actions on Cityscape Corp. Senior/Subordinated Securities - Fitch Financial Wire -

NEW YORK, Nov. 14 /PRNewswire/ -- Cityscape Home Loan Owner Trust securities, series 1997-1, classes A1 through A4, and series 1997-2, classes A1 through A6, are affirmed at 'AAA' by Fitch. Cityscape Home Loan Owner Trust series 1997-B, classes A1 through A8, are affirmed at 'AAA', classes M1F & M1A at 'AA' and classes M2F & M2A at 'A'. In addition, Cityscape's Home Equity Loan Trust series 1997-C, classes A1 through A5, are affirmed at 'AAA', classes M1F & M1A at 'AA' and classes M2F & M2A at 'A'.

Fitch places Cityscape Home Equity Loan Trust series 1997-B, 'BBB' classes B1F & B1A and series 1997-C, 'BBB' classes B1F & B1A, on FitchAlert negative.

The affirmations reflect the soundness of the senior/subordinate trust structure and the good performance of the trust assets. Additionally, Fitch's ratings reflect Cityscape's pending subservicing agreement with Ocwen Federal Bank, FSB (Ocwen) in which nonperforming loans (primarily 90 day delinquent loans) will be transferred to Ocwen as special servicer. Ocwen, a leading distressed asset servicer, is a $2.6 billion financial services company primarily engaged in the acquisition, servicing and resolution of sub- and nonperforming mortgage loans.

The FitchAlert action reflects the uncertainties associated with Cityscape's financial condition, particularly the long term impact of problems in the U.K. on Cityscape's operations, together with concerns regarding continued access to capital.

Fitch will continue to closely monitor the performance of the company and the potential impact on the securities, including the possibilities of servicing transfers.

SOURCE Fitch Investors Service
 -0- 11/14/97

/CONTACT: Cheryl Glory, 212-908-0544, or Glen Costello, 212-908-0633, both of Fitch/

CO: Cityscape Corp. ST: IN: FIN SU: RTG

SR -- NYF178 -- 4829 11/14/97 18:30 EST
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Publication:PR Newswire
Date:Nov 14, 1997
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