Fitch Affirms Nautilus RMBS CDO I, Ltd.

NEW YORK -- Fitch affirms eight classes of notes issued by Nautilus RMBS CDO I, Ltd., (Nautilus I).

The following rating actions are effective immediately:

--$187,667,632 class A-1S Notes affirmed at 'AAA';

--$30,209,911 class A-1J Notes affirmed at 'AAA';

--$31,125,363 class A-2 Notes affirmed at 'AA';

--$61,335,275 class A-3 Notes affirmed at 'A';

--$21,970,845 class BF Notes affirmed at 'BBB';

--$20,139,941 class BV Notes affirmed at 'BBB';

--$5,500,000 class CF Notes affirmed at 'BB';

--$22,500,000 class CV Notes affirmed at 'BB'.

Nautilus I is a collateralized debt obligation that closed May 26, 2005 and is managed by RCG Helm, LLC, a subsidiary of Ramius Capital Group, LLC. Nautilus I has a static portfolio composed of primarily prime residential mortgage-backed securities.

These affirmations are the result of stable collateral performance. The weighted average rating factor is stable at 14.3 ('BB'/'BB-'), according to the most recent trustee report dated March 29, 2007. The senior OC test has remained stable and the senior IC test, at 209.4%, decreased since last review but remains above the trigger of 152%. The transaction has deleveraged causing an improvement in credit enhancement on the notes.

The ratings of the class A-1S, A-1J and A-2 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 ratings of the class A-3, BF, BV, CF and CV notes address the likelihood that investors will receive ultimate and compensating 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 Collateralised Debt Obligations,' dated Oct. 4, 2006 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.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. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.