Fitch Lowers DRs on 3 DVI Medical Equipment Securitizations.

CHICAGO -- Fitch Ratings takes the following actions on the long-term and Distressed Recovery (DR) ratings for the DVI transactions listed below:

DVI Receivables X L.L.C., series 1999-2

--Class A-4 remains at 'CC'/DR lowered to 'DR4' from 'DR3';

--Classes B, C, D and E remain at 'C/DR6'.

DVI Receivables XI L.L.C., series 2000-1

--Class B notes lowered to 'C/DR6' from 'CC/DR5';

--Class A-4 remains at 'CCC/DR1';

--Classes C, D and E remain at 'C/DR6'.

DVI Receivables XII L.L.C., series 2000-2

--Class A-4 remains at 'CCC/DR1';

--Class B remains at 'CC/DR4';

--Classes C and D remain at 'CC/DR5';

--Class E remains at 'C'/DR lowered to 'DR6' from 'DR5'.

The ratings on the following DVI transactions remain unchanged:

DVI Receivables VIII L.L.C., series 1999-1

--Class C remains at 'C/DR6';

--Class D remains at 'C/DR6';

--Class E remains at 'C/DR6'.

DVI Receivables XIV L.L.C., series 2001-1

--Class A-4 remains at 'CC/DR1';

--Class B remains at 'CC/DR4';

--Class C remains at 'CC/DR5';

--Class D remains at 'CC/DR5';

--Class E remains at 'C/DR5'.

DVI Receivables XVI L.L.C., series 2001-2

--Class A-3 remains at 'CC/DR2';

--Class A-4 remains at 'CC/DR2';

--Class B remains at 'C/DR6';

--Class C remains at 'C/DR6';

--Class D remains at 'C/DR6';

--Class E remains at 'C/DR6'.

DVI Receivables XVII L.L.C., series 2002-1

--Class A-3a remains at 'CCC/DR3';

--Class A-3b remains at 'CCC/DR3';

--Class B remains at 'C/DR6';

--Class C remains at 'C/DR6';

--Class D remains at 'C/DR6';

--Class E remains at 'C/DR6'.

DVI Receivables XVIII L.L.C., series 2002-2

--Class A-3a remains at 'CCC/DR1';

--Class A-3b remains at 'CCC/DR1';

--Class B remains at 'CC/DR4';

--Class C remains at 'CC/DR6';

--Class D remains at 'CC/DR6';

--Class E remains at 'C/DR6'.

DVI Receivables XIX L.L.C., series 2003-1

--Class A-3a remains at 'CCC/DR2';

--Class A-3b remains at 'CCC/DR2';

--Class B remains at 'C/DR6';

--Class C-1 remains at 'C/DR6';

--Class C-2 remains at 'C/DR6';

--Class D-1 remains at 'C/DR6';

--Class D-2 remains at 'C/DR6';

--Class E-1 remains at 'C/DR6';

--Class E-2 remains at 'C/DR6'.

Fitch's actions are based on continued loan performance deterioration as reflected in the servicer reports for the period ending Nov. 30, 2006. While the rate of defaults has slowed since distressed recovery ratings were assigned in April 2006, Fitch noted an increase in delinquencies and losses in recent months for several of the transactions. In addition, the amount of potential restructured contracts has decreased since Fitch's last rating actions in April 2006. Restructured contracts are contracts which have the greatest amount of potential proceeds and are added back to the collateral balance once the contract has been brought back to current status. Using assumptions consistent with historical DVI securitization performance, Fitch ran a series of cash flow runs for each transaction to determine the appropriate rating movements, if any.

Fitch has had discussions with U.S. Bancorp Portfolio Services (USBPS) which replaced DVI, Inc. as servicer for each of the securitizations under the terms of each transaction's Contribution and Servicing Agreements in February 2004. Since taking over servicing duties, USBPS has been successful in working out and realizing recoveries on previously defaulted contracts.

Fitch will continue to closely monitor performance of the transactions, will have regular contact with USBPS, and may raise, lower or withdraw ratings as appropriate.

Fitch also affirmed various other transactions in its equipment leasing ABS portfolio. More detailed information on these transactions is available in a separate press release soon to follow, which will be available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time vale of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings 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.fitchratings.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.