Fitch Ratings Affirms Nautilus RMBS CDO I, Ltd.

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

-- $197,363,095 class A-1S notes at 'AAA';

-- $31,770,645 class A-1J notes at 'AAA';

-- $32,733,391 class A-2 notes at 'AA';

-- $64,504,036 class A-3 notes at 'A';

-- $23,105,923 class BF notes at 'BBB';

-- $21,180,430 class BV notes at 'BBB';

-- $5,500,000 class CF notes at 'BB';

-- $22,500,000 class CV notes at 'BB'.

Nautilus I is a collateralized debt obligation (CDO) that closed May 26, 2005 and is managed by RCG Helm, LLC, a subsidiary of Ramius Capital Group, LLC. Nautilus I has a static portfolio composed of residential mortgage-backed securities (100%).

These affirmations are the result of stable collateral performance. Since close, the collateral has continued to perform as expected. The weighted average rating factor has improved slightly to 14.2 ('BB'/'BB-'), according to the most recent trustee report dated Jan. 31, 2006, from its initial value of 14.9 ('BB'/'BB-'). In addition, the overcollateralization (OC) ratios have improved marginally and the interest coverage (IC) ratios have decreased. According to the Jan. 31, 2006 trustee report, the senior OC test has increased to 189.3% from 187.3% at close, relative to a trigger of 142%. During this same period the senior IC test has decreased to 225.8% from 238.6%, relative to a trigger of 152%. There have been no defaulted or distressed securities in the portfolio, to date.

The ratings of the class A-1S, A-1J and A-2 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 A-3, BF, BV, CF and CV 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.

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.