Fitch Affirms COUNTS 2004-1.

CHICAGO -- Fitch affirms the 'AAA' rating of COUNTS Trust, Series 2004-1 (COUNTS 2004-1).

The following rating affirmation is effective immediately:

--$50,000,000 Trust Certificates at 'AAA'.

COUNTS 2004-1 is a credit linked note structured by Deutsche Bank AG, whereby investors gain synthetic exposure to a diverse portfolio of structured finance securities. COUNTS 2004-1 attains exposure to the portfolio via a credit default swap between the trust and Deutsche Bank AG London. The transaction is structured so that the noteholders benefit from 3.65% credit enhancement provided by the first loss amount retained by the bank.

The affirmation is result of a stable reference portfolio showing minimal credit migration and zero credit events. The funded exposure gained through the COUNTS credit linked note is similar to the credit risk of the class B TSAR 05 default swap, rated 'AAA'. Both transactions enable investors to gain access to the same portfolio of structured finance securities. Unlike the TSAR 05 transaction, the credit default swap within the COUNTS transaction will mature in April 2014, which is two years longer than the original TSAR 05 transaction.

The rating of the trust certificates 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 Derivative Fitch web site at www.derivativefitch.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 4, 2006 and also available at www.derivativefitch.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.derivativefitch.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.