Fitch Ratings Affirms The Notes of SERVES 2000-1.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 4, 2003

Fitch Ratings affirms the Notes of Structured Enhanced Return Vehicle Trust, Series 2000-1 ('SERVES 2000-1'). The transaction is a synthetic collateralized loan obligation (CLO) that enables investors to gain exposure to the economics of a reference loan portfolio via a total rate of return swap between the trust and Bank of America, N.A., the Swap Provider, on a leveraged basis. The reference asset portfolio is managed by Highland Capital Management, L.P.

The following security has been affirmed:

-- $47,500,000 Notes 'BBB'.

SERVES 2000-1, was established to enter into a total rate of return swap with the Swap Provider referencing a $300 million high-yield loan portfolio. The transaction was closed in January 2000 and matures in February 1, 2012. As stated in the January 2003 transaction report, SERVES 2000-1 had net assets of $51.9 million, including the Interest Collection Account, the Principal Collateral Account, and the Cumulative Payment Account. The transaction is maintaining a 5.68 times (x) leverage, with a reference asset amount of $287 million. The weighted average spread on the reference assets is 3.24%, the weighted average rating factor is 46.9 ('BB-'/'B+'), and the transaction is currently in compliance with the Threshold Value test.

A review of the transaction, including analyses under Fitch Ratings stressed loan interest spread, market value, and default scenarios, has led to the conclusion that the 'BBB' rating of the Notes is representative of the current credit risk to investors.

Fitch Ratings will continue to monitor this transaction. Deal information and historical data on SERVES 2000-1 is available on Fitch Ratings' web site at 'www.fitchratings.com'.