Fitch Ratings Affirms 6 Classes of G-Star 2005-5 Ltd./Corp.

CHICAGO -- Fitch Ratings has affirmed six classes of notes issued by G-Star 2005-5 Ltd. and co-issuer G-Star 2005-5 (Delaware) Corp. (collectively G-Star 2005-5). These affirmations are the result of Fitch's review process and are effective immediately:

-- $423,000,000 class A-1 notes at 'AAA';

-- $60,000,000 class A-2 notes at 'AAA';

-- $37,000,000 class A-3 notes at 'AA';

-- $21,000,000 class B notes at 'A-';

-- $24,000,000 class C notes at 'BBB';

-- $35,000,000 income notes at 'BB'.

G-Star 2005-5 is a collateralized debt obligation (CDO) that closed March 16, 2005 and is managed by Capmark Investments (Capmark; formerly known as GMAC Institutional Advisors, LLC). G-Star 2005-5 Ltd. has a revolving portfolio composed of residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS -- including B-notes), CDOs, and commercial asset-backed securities. During the four-year interest-only period, Capmark may trade up to 10% of the total portfolio balance annually on a discretionary basis. G-Star 2005-5 Ltd. will exit its reinvestment period in March 2009.

Fitch's affirmations are the result of stable portfolio performance measures, such as overcollateralization (OC) ratios and weighted average rating factor (WARF). Since the first payment date of June 27, 2005, the class A OC ratio increased to 116.4% from 116.3%, the class B OC ratio increased to 111.9% from 111.8%, and the class C OC ratio remained at 107.1%, as of the trustee report dated March 29, 2006. The WARF remained stable in the 'BBB/BBB-' category, and there are currently no defaulted or deferred interest assets in the portfolio.

The ratings of the class A-1, A-2, and A-3 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 ratings of the class B and C notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The rating on the income notes addresses the ultimate payment of aggregate outstanding amount of the income notes as of the closing date of $35,000,000.

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 Sept. 13, 2004 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.