Fitch Affirms 1 & Upgrades 2 Classes of Juniper CBO 2000-1.

CHICAGO -- Fitch affirms the rating of one class of notes and upgrades the rating of two class of notes issued by Juniper CBO 2000-1 Ltd./(Delaware) Corp. (Juniper CBO 2000-1), which closed Apr. 4, 2000. The following rating actions are effective immediately:

-- $89,971,272 class A-2L notes affirmed at 'AAA';

-- $20,000,000 class A-3L notes to 'A' from 'BBB';

-- $30,000,000 class A-3 notes to 'A' from 'BBB'.

The ratings of the class A-4L, A-4, B-1 and B-2 notes remain at 'C'.

Juniper CBO 2000-1 is a collateralized bond obligation (CBO) managed by Wellington Management Company, LLP. The collateral of Juniper CBO 2000-1 is composed of high yield corporate bonds. Payments are made semi-annually in April and October and the reinvestment period ended in April 2004.

The deal is currently amortizing the most senior notes due to the failure of the class A overcollateralization (OC) test, which increases the credit enhancements for these notes. According to the Dec. 2, 2004 trustee report, Juniper CBO 2000-1's collateral includes a par amount of $9.62 million (5.02%) defaulted assets. The deal also contains $53.93 million (28.58%) assets rated 'CCC+' or below excluding defaults. The senior class A OC test is passing at 133.8% with a trigger of 120%. The class A OC test is failing at 104.7% with a trigger of 110% and the class B OC test is failing at 89.4% with a trigger of 103%. This transaction is currently in an event of default due to the failure to maintain an OC test at least equal to 90% of the OC trigger. This event has not been cured and the trading ability of the current asset manager has been limited.

The ratings of the class A notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The rating of the class B notes addresses the likelihood that investors will receive ultimate interest and deferred interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date.

Fitch will continue to monitor Juniper CBO 2000-1 closely to ensure accurate ratings. Deal information and historical data on Juniper CBO 2000-1 is available on the Fitch Ratings web site at www.fitchratings.com.