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Article: Fitch Ratings Downgrades Various Conseco Finance/Green Tree MH Transactions.
- Article from:
- Business Wire
- Article date:
- December 5, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
NEW YORK--(BUSINESS WIRE)--Dec. 5, 2002
Fitch Ratings downgrades 45 limited guarantee bonds to 'C' in 45 Conseco Finance/Green Tree Finance manufactured housing (MH) transactions. The rating action follows Conseco Finance's failure to make required guarantee payments on ten of its MH transactions on Dec. 2, 2002. Conseco Finance has indicated that it intends to suspend all such future guarantee payments relating to MH trusts until there is resolution to the restructuring of its MH business. The transactions' structure allows for the bonds to recover current shortfalls in the future in the event there is sufficient excess spread.
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