Fitch Affirms 1 & Downgrades 2 Tranches of Sunrise CDO I.

NEW YORK -- Fitch Ratings affirms one tranche of Sunrise CDO I as follows:

-- $175,054,091 class A notes affirmed at 'AAA';

Additionally, Fitch downgrades two tranches of Sunrise CDO I as follows:

-- $45,100,000 class B notes to 'BBB-' from 'BBB';

-- $14,785,797 class C notes to 'CCC+' from 'B-'.

Sunrise CDO I (Sunrise) is a static-pool, collateralized debt obligation structured by Credit Suisse First Boston. The CDO was established in December 2001, to issue approximately $300 million in notes and preference shares. The proceeds were utilized to purchase an investment portfolio consisting primarily of collateralized debt obligations (CDOs), residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and corporate debt securities.

Since the last rating action in May 2003, the class A overcollateralization (OC) ratio decreased from 126.8% to 118.8%, the class B OC ratio decreased from 104.8% to 94.5% and the class C OC ratio decreased from 100.1% to 88.5%, as reported on the Sept. 30, 2004 trustee report. Subsequently, all OC ratios are currently failing their equivalent tests of 120%, 106.5%, and 101.8%, respectively. Overall, the portfolio has experienced negative performance through impaired and defaulted assets, along with a negative change to the weighted average rating factor (WARF). Since the last rating action, assets rated below 'B-' have increased from approximately 6% to over 20% of Sunrise's outstanding collateral debt securities. Additionally, as of the most recent distribution date in July 2004, the class C notes failed to pay all interest due and are currently Piking. Accordingly, Fitch has determined that the ratings assigned to all rated securities, as indicated above, reflect the current risk to noteholders.

The ratings of the class A and B notes address the timely payment of interest and the ultimate payment of principal. The rating assigned to the class C notes address the ultimate receipt of interest and the stated principal amount by the final maturity date.

Fitch will continue to monitor and review this transaction for future rating adjustments as needed. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'.