Fitch Ratings Affirms Six Classes of TCW High Income Partners II, Ltd.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 21, 2003

Fitch Ratings affirms six classes of notes issued by TCW High Income Partners II, Ltd. ('TCW HIP II') These affirmations are the result of Fitch's annual review process. The following rating actions are effective immediately:

-- $110,000,000 Class I Senior Notes Affirmed at 'AAA';

-- $20,000,000 Class II-A Senior Notes Affirmed at 'AA-';

-- $10,000,000 Class II-B Senior Notes Affirmed at 'AA-';

-- $18,000,000 Class III Mezzanine Notes Affirmed at 'BBB';

-- $9,500,000 Class IV-Mezzanine Notes Affirmed at 'BB-'.

TCW HIP II is a collateralized bond obligation ('CBO') managed by TCW Asset Management Company, ('TCW'). The CBO was issued December 5, 2001 and is primarily comprised of high yield bonds. Fitch reviewed the portfolio performance of TCW HIP II and discussed the current state of the portfolio with the asset manager and their management strategy going forward.

The TCW HIP II portfolio has experienced some deterioration in par since its inception with a reduction in its overcollateralization levels of approximately 3%. The transaction, however, has a significant amount of excess spread after distributing scheduled interest payments to noteholders thereby providing credit enhancement to the structure.

Fitch conducted cash flow modeling under various default and interest rate scenarios to measure the breakeven default rates. These breakevens were compared to the minimum cumulative default rates required for the rated liabilities over the transaction's life. As a result of this analysis, Fitch determined that the original ratings assigned to the 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 web site at www.fitchratings.com.