Fitch Ratings Affirms 5 Classes of Jupiter High-Grade CDO Ltd.

NEW YORK -- Fitch affirms five classes of notes issued by Jupiter High-Grade CDO Ltd. and Jupiter High-Grade CDO Inc. (Jupiter CDO). The affirmations are the result of Fitch's review process and effective immediately:

-- $435,731,373 Class A-1A notes affirmed at 'AAA';

-- $101,206,716 Class A-1B notes affirmed at 'AAA';

-- $82,500,000 Class A-2 notes affirmed at 'AAA';

-- $41,250,000 Class B notes affirmed at 'AA';

-- $14,035,224 Class C notes affirmed at 'BBB'.

Jupiter CDO is a collateralized debt obligation (CDO) that closed Dec. 2, 2004 and is managed by Maxim Advisory LLC (Maxim Advisory). Jupiter CDO has a static portfolio composed of primarily 73% residential mortgage-backed securities (RMBS) including 42% subprime and 31% prime and 26% of collateralized debt obligations (CDOs).

These affirmations are the result of stable collateral coverage and credit quality. Since close on December 2, 2004, the collateral has continued to exhibit stable performance with an average rating factor of 0.73 ('AA+/AA'), as of the trustee report dated April 30, 2007, as compared to 0.62 ('AA+/AA') at close. Since close, 1 asset totaling 1.3% of the portfolio was downgraded The Class A/B Overcollateralization (OC) ratio increased to 103.3% from 103.1%, and the Class C OC ratio increased to 101.3% from 101.2% in the same period. The transaction has continued to deliver due to the amortization of the Class A-1 Notes, as well as $47,465 beyond the equity cap to the principal payments of Class C Notes. Since close, Class C received $214,776 as a result of such distributions.

The ratings of the Class A and B notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The rating of the Class C Notes addresses the likelihood that investors will receive ultimate interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at www.fitchratings.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.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.