Fitch Ratings Affirms 7 Classes of Whately CDO I Limited.

NEW YORK -- Fitch Ratings affirms seven classes of notes issued by Whately CDO I Ltd. (Whately). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately:

--$261,000,000 class A-1A at 'AAA';

--$6,000,000 class A-1BF at 'AAA';

--$63,000,000 class A-1BV at 'AAA';

--$27,000,000 class A-2 at 'AA';

--$12,000,000 class A-3 at 'A';

--$4,000,000 class BF at 'BBB';

--$10,000,000 class BV at 'BBB'.

Whately is a collateralized debt obligation (CDO) managed by Babson Capital Management (Babson) that closed on June 9, 2004. Babson is rated 'CAM2' by Fitch for managing structured finance CDOs. The collateral is composed of 79% residential mortgage-backed securities, 10% commercial mortgage-backed securities, and 6% collateralized debt obligations. Included in this review, Fitch discussed the current state of the portfolio with the asset manager and their portfolio management strategy going forward.

Since closing in June 2004, the transaction has continued to perform as expected and is passing all of its collateral quality tests as well as its coverage tests. The class A overcollateralization (OC) ratio is 108.5% versus a trigger of 105.0%, and the class B OC ratio is 104.6 % versus a trigger of 101.5%. There were no defaulted assets, and only 0.75% of the assets are rated below 'BBB-'.

The ratings of the class A-1A notes, the class A-1BF notes, the class A-1BV notes, and the class A-2 notes address the likelihood that investors will receive timely payments of interest, as per the governing documents, as well as the aggregate principal amount by the June 2044 maturity date. The ratings of the class A-3 notes, the class BF notes, and the class BV notes address the likelihood that investors will receive ultimate interest payments, as per the governing documents, as well as the aggregate principal amount by the June 2044 maturity date.

Fitch has determined that the original ratings assigned to the Whately notes still reflect the current risk to noteholders. 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.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.