Fitch Ratings Affirms Three Classes of Brant Point 1999-1.

NEW YORK -- Fitch Ratings affirms three classes of notes issued by Brant Point 1999-1, (Brant Point). These affirmations are the result of Fitch's review process and are effective immediately:

-- $35,000,000 class C-1 notes at 'BBB-';

-- $13,750,000 class C-2 notes at 'BBB-';

-- $15,345,379 class D notes at 'BB'.

Brant Point is a collateralized debt obligation (CDO) managed by Sankaty Advisors which closed May 28, 1999. Brant Point is composed of high yield bonds and loans. Included in this review, Fitch discussed the current state of the portfolio with the asset manager and their portfolio management strategy going forward. In addition, Fitch conducted cash flow modeling utilizing various default timing and interest rate scenarios to measure the breakeven default rates going forward relative to the minimum cumulative default rates required for the rated liabilities.

Since last review, Brant Point has continued to perform within expectations. The credit enhancement levels have remained stable, and there has been no redemption of the class C notes and $2.3 million redemption of the class D notes due to a structural feature that allows the D overcollateralization (OC) test to be cured by paying down the D note first. In addition, the weighted average rating has remained stable at 'B-' since the last rating affirmation. However, as of the May 2005 trustee report, excess spread has declined as the weighted average coupon test decreased to 9.56% from 9.83%, with a minimum threshold of 9.85%, and the A IC test has declined to 348.5% from 760.3%, at last review, with a trigger of 135%. Another item of note is the $64 million in principal cash outstanding in the collection account, which represents 19.82% of the total collateral. The revolving period may be extended an additional year by the majority holders of the class E notes.

The ratings of the class C and class D 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.

As a result of this analysis, Fitch has determined that the current ratings assigned to the class C and D 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 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 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.