Fitch Ratings Affirms 8 Classes of RFC CDO II, Ltd.

NEW YORK -- Fitch Ratings affirms eight classes of notes issued by RFC CDO II, Ltd. (RFC II). These affirmations are the result of Fitch's review process and are effective immediately:

--$208,680,790 class A-1 notes at 'AAA';

--$39,000,000 class A-2 notes at 'AAA';

--$6,000,000 class B-1 notes at 'AA';

--$6,000,000 class B-2 notes at 'AA';

--$13,500,000 class C notes at 'A-';

--$4,262,487 class D notes at 'BBB';

--$4,262,487 class E notes at 'BBB-';

--$3,000,000 class F notes at 'BB'.

RFC II is a collateralized debt obligation (CDO) which closed March 3, 2005 and is managed by Residential Funding Corporation. RFC II has a static portfolio composed of 87% residential mortgage-backed securities (RMBS) and 13% commercial mortgage-backed securities (CMBS).

These affirmations are the result of stable collateral performance since the deal closed. The weighted average rating factor (WARF) has improved slightly from 3.65 to 3.47, and remains in the 'BBB+/BBB' range. The class A/B overcollateralization (OC) ratio, class C OC ratio, class D OC ratio, and class E OC ratio have all experienced marginal improvements, and are all passing their test levels as of the most recent trustee report dated Dec. 31, 2005. There has been relatively little rating migration, there are no defaulted assets, and 11% of the portfolio's assets are rated below 'BBB-'.

The ratings of the class A-1, class A-2, class B-1 and class B-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 class C, class D, class E and class F notes address the likelihood that investors will receive ultimate interest and deferred interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated 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 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.