Fitch Ratings Affirms Six Classes of Crest 2000-1, Limited.

NEW YORK -- Fitch Ratings affirms six classes of notes issued by Crest 2000-1, Limited (Crest 2000-1). These affirmations are the result of Fitch's review process and are effective immediately:

--$66,610,650 class A-1 notes 'AAA';

--$195,000,000 class A-2 notes 'AAA';

--$50,000,000 class B notes 'AA-';

--$22,500,000 class C notes 'BBB';

--$21,000,000 class D notes 'B';

--$11,501,372 preferred shares 'B+'.

Crest 2000-1 is a collateralized bond obligation (CBO) primarily supported by a static pool of approximately 32% commercial mortgage-backed securities (CMBS) and 65% real estate investment trusts (REITs). Fitch has reviewed the credit quality of the individual assets comprising the portfolio, including discussions with Structured Credit Partners, LLC a subsidiary of Wachovia Corporation, the asset manager, and has conducted cash flow modeling of various default timing and interest rate scenarios. As a result, Fitch has determined that the current ratings assigned to the class A-1, class A-2, class B, class C, class D notes and preferred shares of Crest 2000-1 still reflect the current risk to noteholders.

Since the last rating action in March 2004, the collateral has remained stable. The weighted average rating has slightly deteriorated to 'BBB/BBB-' as of the most recent trustee report dated May 31, 2005 from 'BBB' as of Dec. 1, 2003. The class A overcollateralization (OC) and class B OC ratios have increased to 131.7% and 112.3% respectively, from 126.9% and 111.7% due to the deleveraging of the class A-1 notes. The class C OC tests has decreased to 105.3% from 106% as of the last review. The weighted average spread has also decreased to .91% from 1.15%, while the weighted average coupon (WAC) has increased to 7.94% from 6.51%.

The ratings on the class A and B notes address the timely payment of interest and principal. The ratings on the class C and D notes address only the ultimate payment of interest and ultimate repayment of principal. The rating on the preferred shares addresses the ultimate return of principal from all distributions made to the preferred shares over the life of the transaction.

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.