Fitch Affirms 5 Classes of Jupiter High-Grade CDO Ltd.

NEW YORK -- Fitch has affirmed five classes of notes issued by Jupiter High-Grade CDO Ltd. and Jupiter High-Grade CDO Inc. ("Jupiter CDO"). These affirmations are the result of Fitch's review process and are effective immediately as follows:

--$486,688,297 class A-1A notes at 'AAA';

--$113,042,409 class A-1B notes at 'AAA';

--$82,500,000 class A-2 notes at 'AAA';

--$41,250,000 class B notes at 'AA';

--$14,082,689 class C notes at 'BBB'.

Jupiter CDO is a collateralized debt obligation (CDO) that closed Dec. 2, 2004 and is managed by Maxim Advisory LLC (Maxim Advisory). Jupiter CDO has a static portfolio composed of 73% residential mortgage-backed securities (RMBS), 22% collateralized debt obligations (CDOs), 2% consumer asset-backed securities (ABS), and 3% corporate synthetics.

These affirmations are primarily the result of stable collateral coverage and credit quality. Since the trustee report dated March 29, 2005, the collateral has continued to exhibit stable performance with several single-notched upgrades, resulting in an unchanged weighted average rating factor of 0.7 ('AA+/AA'), as of the trustee report dated Jan. 31, 2006. In addition, the class A/B overcollateralization (OC) ratio slightly increased to 103.13% from 103.11%, and the class C OC ratio increased to 101.16% from 101.13% in the same period. The transaction has also delevered slightly due to the normal amortization of the class A-1 notes, as well as the equity cap which directs interest proceeds to the principal payments of class C notes once the preference shares reach an annualized dividend yield of 14.7% via the interest waterfall. However, the delevering activity on the capital structure was minimal, leaving 99% of the class A-1 and class C notes still outstanding.

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

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralized Debt Obligations,' dated Sept. 13, 2004 and also available on Fitch's web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.