Amend: Fitch Affirms One & Downgrades Five Classes of Oceanview CBO I, Ltd.

CHICAGO -- (This is an amendment to a release issued on Aug. 27, 2007. It elaborates on the insured rating affirmation of the class A-1A notes in the fourth paragraph.)

Fitch has affirmed the ratings of one class of notes and downgraded the rating of five classes of notes issued by Oceanview CBO I, Ltd. (Oceanview). The following rating actions are effective immediately:

--$155,312,769 class A-1A notes affirmed at 'AAA';

--$41,416,738 class A-1B notes downgraded to 'BB-' from 'AAA';

--$28,000,000 class A-2 notes downgraded to 'CCC/DR4' from 'BB-' and removed from Rating Watch Negative;

--$12,737,372 class B-F notes downgraded to 'C/DR6' from 'CC/DR6' and removed from Rating Watch Negative;

--$6,078,079 class B-V notes downgraded to 'C/DR6' from 'CC/DR6' and removed from Rating Watch Negative;

--$6,617,630 combination securities downgraded to 'BB-' from 'AAA'.

Oceanview is a collateralized debt obligation (CDO) managed by Deerfield Capital Management that closed June 27, 2002 and has a portfolio composed of residential mortgage-backed securities, CDOs, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and corporate debt. The reinvestment period ended in June 2006. Fitch conducted cash flow modeling utilizing various default timing and interest rate scenarios to measure the breakeven default rates going forward relative to the minimum cumulative default rates needed to support the rated liabilities.

The credit quality of the Oceanview portfolio has continued to deteriorate, since Fitch's last review of this transaction, approximately 23% of the portfolio has been downgraded and 4.4% of the portfolio remains on Rating Watch Negative. Subsequently, the weighted average rating factor (WARF) has increased to 28.47 as of the July 30, 2007 trustee report from a WARF of 22.93 as of the last rating action on April 13, 2006. In addition, the collateral pool contains three newly distressed assets which total over $9.8 million, or 4.49% of the portfolio. The class A-2 overcollateralization (OC) ratio has decreased to 98.6% from 100.1% as of last rating action and remains below its trigger of 101.5%. Assets rated 'CCC' or lower currently represent approximately 10.7% of the portfolio.

In addition to the failure of A-2 OC coverage test, class A-1 interest coverage test is currently below the required trigger amount and has been doing so since August 2005. Such failure has caused all interest proceeds otherwise available to pay class B and C interest to pay down the most senior notes in order to cure the test. Fitch anticipates that class A-2 noteholders may experience an impairment of principal, and the class B-F and B-V noteholders may experience an impairment of principal and interest over the remaining life of the transaction. Furthermore, it is unlikely that the class C noteholders will receive any further payments of principal or interest. The class A-1A notes are affirmed at 'AAA' based on the financial guaranty wrap provided by MBIA, currently rated 'AAA' by Fitch.

The rating of the class A-1A notes, the class A-1B notes and the class A-2 notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class B-F notes and the class B-V notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The rating of the combination securities addresses the likelihood that investors will receive their stated balance of principal by the legal final maturity date. The rating of the class C notes has been withdrawn.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004 and also available on Fitch's web site at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.derivativefitch.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.