Fitch Rates Armor MCP 2005-1 L.P.

NEW YORK -- Fitch rates the securities of Armor MCP 2005-1 L.P., as indicated below. The rating on the securities addresses the timely payment of interest and ultimate repayment of principal upon maturity.

--$12,810,000 class B-1 notes, 'AA+';

--$5,693,000 class B-2 notes, 'AA';

--$4,270,000 class B-3 notes, 'AA-';

--$4,270,000 class B-4 notes, 'A+';

--$3,558,000 class B-5 notes, 'A';

--$2,135,000 class B-6 notes, 'A-';

--$2,135,000 class B-7 notes, 'BBB+';

--$2,562,000 class B-8 notes, 'BBB';

--$996,000 class B-9 notes, 'BBB-';

--$1,851,000 class B-10 notes, 'BB+';

--$1,423,000 class B-11 notes, 'BB';

--$1,423,000 class B-12 notes, 'BB-';

--$1,424,000 class B-13 certificates, 'B+';

--$996,000 class B-14 certificates, 'B';

--$1,423,000 class B-15 certificates, 'B-'.

The transaction is a synthetic balance sheet securitization that references a $1.42 billion diversified portfolio of primarily jumbo, A-quality, first lien residential mortgage loans of which approximately 68% pay variable rate. The ratings are based upon the credit quality of the reference portfolio, the credit enhancement provided by subordination for each tranche, the financial strength of LaSalle Bank Corporation (LaSalle), as the swap counterparty, yield on deposits placed at an 'F1+' rated deposit bank, or net return through a hedge agreement with a hedge counterparty rated 'F1+', and the sound legal structure of the transaction. The reference portfolio consists of mortgage loans originated and serviced by ABN AMRO Mortgage Group, Inc. The issuers have entered into a credit default swap (CDS) with LaSalle, documented under an International Swaps and Derivatives Association agreement, and receive a premium in return for credit protection on the reference portfolio.

The proceeds from the issuance of the securities will be deposited in a U.S. dollar-denominated demand deposit account maintained by ABN AMRO and governed by the deposit account agreement. The deposit bank will be obligated to pay interest in arrears at an annual rate equal to LIBOR minus 0.08%. If at any time, the deposit bank fails to satisfy Fitch's minimum rating for a deposit bank, the trustee will be required to withdraw all funds from the deposit account and reinvest the principal amount of such funds at the direction of the CDS counterparty in other eligible investments consisting of short-term government securities and/or agency securities within five business days after such failure.

The collateral, in the form of the demand deposit or eligible investments, is pledged first to the counterparty to reimburse for credit losses on the reference portfolio during the term of the CDS and second to the noteholders for repayment of principal at maturity. Interest earned on the collateral during the term of the CDS is used in combination with the premium from LaSalle to make monthly security payments.

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.