| Abstract: | NEW YORK (Standard & Poor's) Sept. 23, 2005--Standard & Poor's Ratings Services today lowered its rating to 'CCC' from 'BB' on the MF-2 class (fixed-rate group) certificates issued by Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2000-B (IndyMac ABS Inc.) Concurrently, ratings are affirmed on the remaining two classes from the fixed-rate loan group (see list). Originally rated 'A', class MF-2 is supported by excess spread, overcollateralization, and subordination of class BF, which is rated 'D'. As of the August 2005 remittance period, monthly net losses for the most recent 12 months averaged approximately $148,062, more than 4x the monthly excess interest, which averaged approximately $30,435. This continuous erosion of subordination credit support has reduced the current principal balance
|
