Fitch Affirms LNR CFL 2004-1 LTD, Series 2004-CFL.

CHICAGO -- LNR CFL 2004-1 LTD., series 2004-CFL, commercial mortgage-backed securities (CMBS) resecuritization notes are affirmed by Fitch as follows:

-- $10,696,000 class I-1 'A+';

-- $1,884,000 class I-2 'A';

-- $3,518,000 class I-3 'A';

-- $3,161,000 class I-4 'A-';

-- $3,160,000 class I-5 'BBB+';

-- $3,161,000 class I-6 'BBB';

-- $3,161,000 class I-7 'BBB-';

-- $3,673,000 class I-8 'BB+';

-- $7,827,000 class I-9 'BB+';

-- $4,698,000 class I-10 'BB+';

-- $2,611,000 class I-11 'BB+';

-- $2,610,000 class I-12 'BB+';

-- $242,972 class I-13 'BB+'.

The rating affirmations follow Fitch's affirmation of SASCO 1996-CFL after the disposition of the largest loan in the transaction and the resulting realized losses. LNR CFL 2004-1 is collateralized by a portion of class I in SASCO 1996-CFL. Classes G, H, and I were affirmed while the remaining classes have either paid in full or are not rated by Fitch.

For more information, see the Fitch Ratings press release dated Nov. 30, 2004 'Fitch Affirms SASCO 1996-CFL,' available on the Fitch Ratings web site at 'www.fitchratings.com'.