Fitch Affirms Straits Global ABS CDO I.

NEW YORK -- Fitch has affirmed six classes of notes issued by Straits Global ABS CDO I, Ltd./Inc. (Straits CDO I). These affirmations are the result of Fitch's review process and are effective immediately:

--$227,161,760 class A-1 notes affirmed at 'AAA';

--$72,000,000 class A-2 notes affirmed at 'AAA';

--$41,000,000 class B-1 notes affirmed at 'AA';

--$7,000,000 class B-2 notes affirmed at 'AA';

--$11,166,231 class C-1 notes affirmed at 'BBB';

--$3,000,000 class C-2 notes affirmed at 'BBB'.

Straits CDO I is a collateralized debt obligation (CDO) that closed on Oct. 28, 2004 and is managed by Declaration Management & Research LLC (Declaration; rated 'CAM2' by Fitch for managing structured finance CDOs) as collateral manager and Lion Capital Management (Lion) as collateral co-manager. Straits CDO I is in the substitution period until November 2007 and is composed of residential mortgage-backed securities (RMBS; 81.3%), (CDOs; 11.2%), commercial mortgage-backed securities (CMBS; 3.2%) and asset-backed securities (ABS; 4.3%).

Since the trustee report dated March 10, 2006, the structure has continued to delever and has made principal payments to the class A-1 notes and C-1 notes in the amounts of $10.2 million and $610,342 respectively. In addition, the weighted average rating factor (WARF) has remained in the 'BBB/BBB-' range. The class A/B overcollateralization (OC) ratio has remained at 108.9% as of the most recent trustee report dated March 10, 2007, above its performance trigger of 103.7%. The class C OC ratio has increased from 104.5% to 104.7% within the same time period, and is also passing its performance trigger of 102%. As of the most recent trustee report available, Straits CDO I had no distressed or defaulted assets in the portfolio. As a result of this analysis, Fitch has determined that the original ratings assigned to the rated notes still reflect the current risk to noteholders.

The ratings on the class A-1, A-2, B-1 and B-2 notes address the timely payment of interest and ultimate payment of principal as outlined in the governing documents. The ratings on the class C-1 and C-2 notes address the ultimate payment of interest and principal as outlined in the governing docs.

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 on Fitch's web site 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. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.