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

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

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

-- $163,000,000 class A notes at 'AA+';

-- $40,000,000 class B notes at 'A+';

-- $50,000,000 class C notes at 'BBB+';

-- $20,000,000 class D notes at 'BB+';

-- $15,000,000 class E notes 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 approximately $6.2 billion in assets under management and a focus on fixed-income investing.

As of the May 31, 2005 valuation date, the fund's portfolio was comprised of approximately 64% high-yield bonds, 25% bank loans, 14.3% mezzanine and special situations investments and the remainder in cash. The largest five issuers, which are classified as liquid investments, represent approximately 15% of the total market value of the fund's assets. Performing bank loans priced at or above 90% of par represented approximately 20% of the market value of the GTHY II portfolio. GTCP has been able to maintain a sufficient overcollateralization (OC) level while continuing to distribute funds to the equity holders.

Based on the diversity of the fund's portfolio, the cushion of the OC tests, the conservative valuation of the semi-liquid and illiquid investments, the continued distributions to equity holders and the track record and 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.

Fitch's rating definitions are available on the agency's public web site, 'www.fitchratings.com'. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.