Fitch Affirms 32 & Upgrades 2 Classes from 4 CitiFinancial Issues.

NEW YORK -- Fitch Ratings takes the following rating actions on four CitiFinancial issues:

Series 2002-1

-- Classes AF-3, AF-4, and AF-5 affirmed at 'AAA';

-- Class M-1 affirmed at 'AA';

-- Class M-2 affirmed at 'A';

-- Class M-3 affirmed at 'BBB';

-- Class M-4 affirmed at 'BBB-'.

Series 2003-1 group 1

-- Classes AF-2, AF-3, AF-4, AF-5, and AF-PT affirmed at 'AAA';

-- Class MF-1 affirmed at 'AA';

-- Class MF-2 affirmed at 'A';

-- Class MF-3 affirmed at 'BBB';

-- Class MF-4 affirmed at 'BBB-'.

Series 2003-1 group 2

-- Class AV affirmed 'AAA';

-- Class MV-1 upgraded to 'AAA' from 'AA';

-- Class MV-2 upgraded to 'AA' from 'A';

-- Class MV-3 affirmed at 'BBB';

-- Class MV-4 affirmed at 'BBB-'.

Series 2003-3 group 1

-- Classes AF-1, AF-2, AF-3, AF-4, and AF-5 affirmed at 'AAA'.

Series 2003-3 group 2

-- Class AV affirmed at 'AAA'.

Series 2004-1 group 1

-- Classes AF-1, AF-2, AF-3, AF-4, and AF-5 affirmed at 'AAA'.

Series 2004-1 group 2

-- Class AV affirmed at 'AAA'.

The affirmations, affecting $895,313,026 of outstanding certificates, reflect asset performance and credit enhancement (CE) levels generally consistent with expectations. The upgrades, affecting approximately $26 million of outstanding certificates, reflect CE levels above expectations.

As of the April distribution date, the CE levels for all classes from series 2002-1 are more than three times their original levels. In addition, excess spread has covered losses in every month, and OC is at its target of $16,993,367. Almost 60% of the collateral has paid down. The collateral consists of fixed- and adjustable-rate, first-lien mortgage loans secured primarily by one- to four-family residential properties.

As of the April distribution date, the CE levels for all classes from series 2003-1 group 1 have doubled from their original levels. Currently, OC is at its target of $14,693,453, less than 5% of the loans are in foreclosure and real estate owned, and almost 60% of the pool has paid off.

The CE level for all classes from series 2003-1 group 2 are more than four times their original levels. As of the April distribution, over 75% of the collateral has paid down, and OC is at its target of $9,475,975. Currently, the pool is distributing principal sequentially, starting with the most senior class. The pool will continue to pay this way until March 2006. With only $438,754 in the senior class, Fitch believes that the most senior subordinate classes will start to receive payments soon and be substantially paid down before the step-date, thus, decreasing their credit risk.

As of the April distribution date, 40% of the collateral from series 2003-3 group 1 has paid down. Excess spread has covered losses for all months since origination, OC is at target, and the balance of loans that are 90 plus delinquent (including foreclosure, bankruptcies, and real estate owned) is below 6% of the current pool balance. The CE for all classes has increased modestly.

The CE level for class AV from series 2003-3 group 2 is more than two and a half times its original level, OC is at its target of $14,907,952, and over 65% of the collateral had paid down.

As of the April distribution, the CE levels for all classes from series 2004-1 group 1 and group 2 have increased marginally from their original levels. Losses have been low relative to excess spread, and OC is at target for both groups. 21% of the collateral for group 1 has paid down, and 37% of the collateral for group 2 has paid down.

The group 1 collateral for series 2003-1, 2003-3, and 2004-1 consists of fixed-rate, first-lien mortgage loans secured primarily by one- to four-family residential properties. The group 2 collateral for series 2003-1, 2003-3, and 2004-1 consists of adjustable-rate, first-lien mortgage loans secured primarily by one- to four-family residential properties.

Further information regarding current delinquencies, losses, and credit enhancement is available on the Fitch Ratings web site at 'www.fitchratings.com'.