Fitch Affirms 6 Classes Of GoldenTree High Yield Opportunities II, L.P.

NEW YORK -- Fitch affirms six classes of GoldenTree High Yield Opportunities II, L.P. (GTHY II or the fund). The affirmation of these notes is a result of Fitch's annual rating review process. The following rating actions are effective immediately:

--$300,000,000 Senior credit facility affirmed at 'AA+';

--$163,000,000 Class A affirmed at 'AA+';

--$40,000,000 Class B affirmed at 'A+';

--$50,000,000 Class C affirmed at 'BBB+';

--$20,000,000 Class D affirmed at 'BB+';

--$15,000,000 Class E affirmed at 'B+'.

GoldenTree High Yield Opportunities II, L.P. is a market value collateralized debt obligation ('CDO') that closed in September 2001. The fund is managed by GoldenTree Capital Partners III LLC (GTCP), which is a wholly owned subsidiary of GoldenTree Asset Management L.P., a New York-based investment manager with a focus on fixed-income investments.

As of the August 31, 2006 valuation date the fund's portfolio was comprised of Bank Debt Complete (22.29%), Bank Debt Revolver (3.11%), Bonds (46.65%), Preferred Stock (0.51%), Private Equity (0.85%), Private Note/Bank Debt (0.13%) and Stock (3.22%). The remainder is held in cash (23.24%). The liquid investments represent approximately 97.86%, illiquid assets represent 3.97% and semi-liquid assets represent 2.14% of the total market value of the fund's assets. GTCP has been able to maintain a sufficient overcollateralization (OC) level while continuing to distribute funds to the equity holders. The overcollateralization amounts for the notes are as follows: Class A notes 156.53%, class B notes 140.46%, class C notes 127.03%, class D notes 122.32% and class E notes are at 120.01%.

Based on the diversity of the fund's portfolio, the cushion of the over-collateralization tests, the conservative valuation of the semi-liquid and illiquid investments and the experience of GTCP in the high-yield loan, mezzanine and special situation asset classes, Fitch affirms all of the rated liabilities issued by GoldenTree High Yield Opportunities II, L.P.

The ratings on GoldenTree High Yield Opportunities II, L.P. notes addresses 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.

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 Collateralised 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.