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21 Apr 2000
MOODY'S DOWNGRADES 59 SUBORDINATE CLASSES FROM CONSECO FINANCE CORP.'S MH, HOME IMPROVEMENT AND HOME EQUITY DEALS
Moody's Investors Service has downgraded the ratings of fifty-nine subordinate classes from Conseco Finance Corp.'s (formerly known as Green Tree Financial Corporation) manufactured housing, home improvement and home equity deals. The affected classes include Conseco Finance Corp.'s manufactured housing, home improvement and home equity classes that rely on a corporate guarantee from the company.
According to Pramila Gupta, a Moody's senior vice president, the rating actions were prompted by Moody's announcement on April 20, 2000 that the rating on Conseco Finance Corp.'s long-term senior debt securities had been downgraded to Ba1 from Baa3. Conseco and the rating remains under review for possible further downgrade.
The complete rating actions are as follows:
Green Tree Manufactured Housing Contract Senior/Subordinated Pass-Through Certificates:
Series 1994-2; $25.209 mil., 8.55% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-3; $12.806 mil., 8.65% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-4; $20.017 mil., 8.60% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-5; $25.021 mil., 8.55% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-6; $30.185 mil., 9.00% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-7; $21.210 mil., 9.35% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-8; $31.392 mil., 9.40% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-1; $22.722 mil., 9.20% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-2; $16.457 mil., 8.80% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-3; $22.636 mil., 8.10% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-4; $12.804 mil., 7.70% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-5; $18.054 mil., 7.65% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-6; $17.845 mil., 8.00% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-7; $13.904 mil., 7.70% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-8; $19.197 mil., 7.65% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-9; $15.948 mil., 7.55% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-10; $16.212 mil., 7.40% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-1; $15.967 mil., 7.30% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-2; $18.618 mil., 7.90% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-3; $14.884 mil., 8.05% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-4; $16.615 mil., 8.10% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-5; $18.116 mil., 8.45% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-6; $16.625 mil., 8.35% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-7; $16.800 mil., 8.10% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-8; $21.052 mil., 8.30% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-9; $15.750 mil., 8.11% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1997-1; $17.500 mil., 7.76% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1997-2; $19.250 mil., 8.05% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1997-3; $28.000 mil., 8.03% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1997-4; $18.200 mil., 7.73% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1997-5; $19.250 mil., 7.49% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1997-7; $19.250 mil., 7.59% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1998-1; $15.750 mil., 8.11% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1998-2; $30.00 mil., 8.44% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1998-4; $20.00 mil., 8.11% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1998-5; $14.26 mil., 7.99% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1998-7; $34.00 mil., 8.24% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1998-8; $60.75 mil., 8.50% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Conseco Finance Securitizations Corp.:
Series 1999-6; $35.00 mil., 9.20% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 2000-1; $31.50 mil., 8.80% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Green Tree Home Improvement Loan Trust:
Series 1994-BI; $9.055 mil., 8.70% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-BII; $15.180 mil., 7.85% Class A-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-CI; $10.717 mil., 8.90% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-CII; $12.482 mil., 8.10% Class A-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-D; $9.871 mil., 9.30% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1994-E; $12.282 mil., 9.15% Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-A; $12.305 mil., 8.45% Class B Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-B; $12.179 mil., 8.15% Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-C; $8.409 mil., 7.60% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-D; $10.442 mil., 7.45% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-E; $32.241 mil., 6.80% Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1995-F; $8.022 mil., 7.10% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-A; $5.626 mil., 7.40% Class B-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 1996-B; $25.130 mil., 6.45% Class A Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Green Tree Home Improvement and Home Equity Loan Trust:
Series 98-F; $24.75 mil., 10.08% Class B-2 Notes, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 99-B; $26.20 mil., 11.16% Class B-2 Notes, downgraded to Ba1 from Baa3, under review for possible further downgrade
Conseco Finance Home Loan Trust:
Series 99-G; $19.938 mil., 10.96% Class B-2 Notes, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 2000-A; $13.8 mil., Adj. Rate Class BV-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Series 2000-B; $35.0 mil., 10.00% Class BF-2 Certificates, downgraded to Ba1 from Baa3, under review for possible further downgrade
Conseco Finance Corp., based in St. Paul, Minnesota, is a financial services company that originates and services manufactured housing, subprime mortgage and consumer loans.
No Related Data.
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