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Fitch Lowers Irwin's Rating.
NEW YORK -- Fitch Ratings has downgraded the servicer rating on Irwin Home Equity Corp., a servicer of home-equity and high loan-to-value ratio loans, to "RP2-" from "RP2," its previous rating.
Fitch said it completed an onsite review in March and found that Irwin Home Equity's operations "continue to perform at a level consistent with the prior year."
However, Fitch noted that a company's financial rating is an important component of the servicer review. The downgrade reflects the financial challenges facing Irwin Financial Corp., the parent company, Fitch said.
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