Fitch Rates Nautilus RMBS CDO I, Ltd. 'AAA/AA/A/BBB/BB'.

NEW YORK -- Fitch Ratings assigns the following ratings to Nautilus RMBS CDO I, Ltd. and Nautilus RMBS CDO I LLC (Nautilus):

--$205,000,000 class A-1S floating-rate notes due 2040 'AAA';

--$33,000,000 class A-1J floating-rate notes due 2040 'AAA';

--$34,000,000 class A-2 floating-rate notes due 2040 'AA';

--$67,000,000 class A-3 floating-rate deferrable interest notes due 2040 'A';

--$22,000,000 class BV floating-rate deferrable interest notes due 2040 'BBB';

--$24,000,000 class BF fixed-rate deferrable interest notes due 2040 'BBB';

--$22,500,000 class CV floating-rate deferrable interest notes due 2040 'BB';

--$5,500,000 class CF fixed-rate deferrable interest notes due 2040 'BB'.

Nautilus is a balance sheet cash-flow collateralized debt obligation (CDO) managed by RCG Helm, LLC (RCG).

The ratings of the classes 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 aggregate outstanding amount of principal by the stated maturity date. The ratings of the classes A-3, BV, BF, CV, and CF notes address the likelihood that investors will receive ultimate interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date.

The ratings are based upon the credit quality of the underlying assets, 100% of which will be purchased by the transaction's close, in addition to credit enhancement provided by support from subordinated notes, excess spread, and protections incorporated in the structure.

Proceeds from the issuance will be invested in a static portfolio of residential mortgage-backed securities (RMBS), consisting primarily of prime RMBS. The collateral supporting the structure will have a Fitch weighted average rating factor (WARF) of 14.00 ('BB/BB-'). The collateral manager may sell defaulted, credit-improved, and credit-risk securities at any time.

Nautilus is the first CDO managed by RCG, which is a wholly owned subsidiary of Ramius Capital Group, LLC (Ramius), a privately owned investment management firm and a registered investment advisor. Ramius, through several subsidiaries, manages absolute return portfolios for clients that include U.S. and international institutions and private investors.

Nautilus RMBS CDO I, Ltd. is a Cayman Islands exempted company. Nautilus RMBS CDO I LLC is a Delaware limited liability company.

For more information, see the presale report 'Nautilus RMBS CDO I, Ltd.' dated April 25, 2005 and available on the Fitch Ratings web site at www.fitchratings.com.