C-BASS CBO VI Ltd. Rated 'AAA/AA/A/BBB/BBB-' By Fitch Ratings.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 16, 2003

C-BASS CBO VI Ltd.'s and co-issuer C-BASS CBO VI Corp.'s (collectively referred to as the co-issuers) $248 million class A floating-rate notes are rated 'AAA' by Fitch Ratings. Additionally, Fitch rates $50 million class B floating-rate notes 'AA', $5 million class C floating-rate notes 'A', $31 million class D floating-rate notes 'BBB' and $3 million class E floating-rate notes 'BBB-'. The ratings on the class A notes and class B notes address the timely payment of interest and ultimate payment of principal, whereas the ratings on the class C, class D and class E notes address the ultimate payment of interest and principal.

The ratings are based upon the capital structure of the transaction, the quality of the collateral, and the overcollateralization and interest coverage tests provided for within the indenture. At closing, the quality of the collateral is evidenced by a current Fitch weighted average rating factor (WARF) of 13.75 ('BBB') and the diversity of the collateral is evidenced by a current Fitch sector score of 5.78. Additionally, the ratings address the experience and capabilities of Credit-Based Asset Servicing and Securitization LLC (C-BASS) as the investment manager and Litton Loan Servicing as servicer of a substantial portion of the underlying collateral.

The proceeds of the notes will be used to purchase a static investment portfolio consisting primarily of approximately 73% of residential mortgage-backed securities (RMBS) (47% subprime RMBS, 23% prime RMBS, 3% manufactured housing), as well as approximately 27% in asset-backed securities (ABS). The class A notes have a legal final maturity in 2028 and the class B, C, D and E notes have legal final maturities in 2034. Upon the breach of a coverage test as outlined in the indenture, the notes will start the process of paying down principal sequentially beginning with class A principal.

The investment manager, C-BASS, will purchase all investments for the portfolio on behalf of the co-issuers, which are special purpose companies incorporated under the laws of the Cayman Islands and Delaware, respectively. C-BASS, which has been acquiring and managing mortgage assets since 1996, is a joint venture among Mortgage Guaranty Investment Corp. (MGIC) and Radian Group Inc. (Radian). These entities are rated 'AA+' and 'AA', respectively, by Fitch for insurer financial strength. Each of MGIC and Radian owns a 46% interest in the company with the remaining 8% owned by C-BASS management. MGIC is the largest private mortgage insurer in the U.S. with approximately $197 billion of insurance-in-force as of Dec. 31, 2002 and a market capitalization of $4.1 billion as of March 27, 2003. Radian is the fourth largest private mortgage insurer in the U.S. with, as of Dec. 31, 2002, approximately $110.3 billion of insurance-in-force and a market capitalization of $3.2 billion as of March 27, 2003. C-BASS's total capital has grown from less than $50 million in 1996 to its current $370 million as of Dec. 31, 2002.

For more information, please refer to the presale report titled 'C-BASS CBO VI Ltd.', available on the Fitch Ratings web site at 'www.fitchratings.com'.