Correction: Fitch Affirms Rainier CBO I, Limited.

Business Editors

CHICAGO--(BUSINESS WIRE)--Jan. 12, 2004

(This press release amends one that was released Dec. 17, 2003, and contains revised rating information in paragraph 2.)

Fitch Ratings has affirmed Rainier CBO I, Ltd. (Rainier CBO) as follows:

-- $88,549,059 class A-1L notes 'AAA';

-- $137,000,000 class A-2L notes 'AAA';

-- $62,000,000 class A-3L notes 'A+';

-- $35,000,000 class A-4C notes 'BB+';

-- $13,000,000 class B-1L notes 'B+';

-- $8,000,000 class B-2 notes 'B-';

Rainier CBO, a collateralized bond obligation (CBO), is managed by Centre Pacific, LLC. The CBO was established in July of 2000 to issue debt and equity securities and to use the proceeds to purchase high yield bond collateral.

According to the Nov. 17, 2003 trustee report, Rainier CBO's collateral currently includes a par amount of $14.367 million (4.04%) in defaulted assets. The senior class A overcollateralization (OC) test and the class A OC test are passing at 124.7% and 110.6% with triggers of 117% and 106%, respectively. The class B OC test is failing at 102.4% with a trigger of 103%.

Fitch has reviewed the credit quality of the individual assets comprising the portfolio, including discussions with Centre Pacific, LLC. In addition, Fitch has conducted cash flow modeling using various default timing and interest rate scenarios. Based on the modeling results and the stable performance of the underlying collateral, Fitch has affirmed all of the rated liabilities issued by Rainier CBO.

Fitch will continue to monitor Rainier CBO. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'.