A record 102 classes of 55 ABS transactions were downgraded in the first quarter of 2002, according to a new report from Standard & Poor's. The asset classes hit hardest by the economic downturn were CDOs, manufactured housing and franchise loans.

The three collateral types accounted for roughly 75% of total downgrades seen in the first three months of 2002, up from 48% in all of last year, S&P said. These downgrades come as supply in sub classes has steadily increased in new issues.

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