CWABS $203.5MM Asset-Backed Notes, 2005-SD1, Rated By Fitch.

NEW YORK -- CWABS Asset-Backed Notes Trust, series 2005-SD1 is rated by Fitch Ratings as follows:

--$151,099,000 class A-1 'AAA';

--$16,789,000 class A-2 'AAA';

--$17,769,000 class M-1 'AA';

--$9,498,000 class M-2 'A';

--$6,944,000 class M-3 'BBB'; and

--$1,430,000 class B-1 'BBB-'.

The 'AAA' rating on the senior certificates reflects the 19.85% credit enhancement provided by 8.70% class M-1, 4.65% class M-2, 3.40% class M-3, and 0.70% class B-1 along with overcollateralization (OC). The initial OC amount is 0.35% growing to a target OC of 2.40%. In addition, the ratings on the certificates reflect the quality of the underlying collateral, and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties, with an aggregate principal balance of $204,244,477. As of the cut-off date, May 1, 2005, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 77.50%, weighted average coupon (WAC) of 7.645%, weighted average remaining term (WAM) of 327 months and an average principal balance of $160,317. Single-family properties account for 79.57% of the mortgage pool, two- to four-family properties 4.02%, and condos 6.49%. Approximately 93.09% of the properties are owner occupied. The three largest state concentrations are California (27.47%), Texas (7.02%), Florida (6.84%).

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press releases issued May 1, 2003 entitled, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and Feb. 23, 2005 entitled, 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws', available on the Fitch Ratings web site at www.fitchratings.com.

CWABS, Inc., deposited the loans into the trust, which issued the notes, representing beneficial ownership in the trust. The Bank of New York will act as Indenture Trustee and Wilmington Trust Company will act as Owner Trustee. Countrywide Home Loans, (rated 'RMS2+' by Fitch), will act as Master Servicer for this transaction.