Fitch Ratings Affirms 7 Classes of Summit RMBS CDO I, Ltd.

NEW YORK -- Fitch Ratings affirms seven classes of notes issued by Summit RMBS CDO I, Ltd. (Summit). The following rating actions are effective immediately:

-- $268,000,000 class A-1S at 'AAA';

-- $46,000,000 class A-1J at 'AAA';

-- $40,000,000 class A-2 at 'AA';

-- $4,500,000 class A-3F at 'A';

-- $17,500,000 class A-3V at 'A';

-- $3,421,250 class BF at 'BBB';

-- $4,398,750 class BV at 'BBB'.

Summit is a collateralized debt obligation (CDO) managed by Summit Investment Partners which closed Feb. 16, 2005. Summit is composed entirely of residential mortgage-backed securities.

These affirmations are the result of stable collateral performance. Between close and the most recent trustee report, dated Jan. 30, 2006, the weighted average rating factor has remained stable in the 'A-'/'BBB+' range, deteriorating slightly to 3.0 from 2.9. During this same period the overcollateralization (OC) tests and interest coverage (IC) tests have remained stable. The class A/B OC test has remained the same at 114.2%, relative to a trigger of 109%. The A/B IC test has decreased to 130.2% from 137.5%, relative to a trigger of 113%. There are currently no defaulted or distressed assets in the portfolio.

Excess spread exceeding a 9.0% dividend yield on the preference shares is used to redeem the class BF and BV notes up to an annual maximum of $240,000 during the first five years of the deal. To date, classes BF and BV have received a combined total of $180,000 paid pro rata, reducing their original balances by 2.3% each. The class A notes have not been receiving any principal payments because the deal is in its revolving period until March 2008.

The ratings of the class A-1S, A-1J and A-2 notes address the likelihood that investors will receive timely payments of interest and ultimate payment of principal, as per the governing documents. The ratings of the class A-3F, A-3V, BF and BV notes addresses the likelihood that investors will receive ultimate payment of interest and principal, as per the governing documents.

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, 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.