Fitch Ratings Affirms Trapeza CDO I, LLC.

NEW YORK -- Fitch Ratings affirms eight classes of notes issued by Trapeza CDO I, LLC (Trapeza I). These affirmations are the result of Fitch's review process and are effective immediately:

-- $160,129,324 class A-1 notes at 'AAA';

-- $19,830,257 class A-2 notes at 'AAA';

-- $54,600,000 class B-1 notes at 'AA+';

-- $2,000,000 class B-2 notes at 'AA+';

-- $16,000,000 class B-3 notes at 'AA+';

-- $29,600,000 class C-1 notes at 'A';

-- $10,000,000 class C-2 notes at 'A';

-- $16,500,000 class D notes at 'BBB'.

Trapeza I is a collateralized debt obligation (CDO) managed by Trapeza Capital Management, LLC, which closed Nov. 19, 2002. Trapeza I is composed of bank and thrift trust preferred securities.

Since the last review, the collateral has continued to perform, with a stable weighted average bank score as determined by the Fitch Bank Scoring Model. The class A/B and class C/D overcollateralization (OC) ratios both experienced slight improvements. As of the Oct. 31, 2005 trustee report, both the A/B and C/D OC ratios continue to pass their performance test triggers of 125.8% and 104.0%, with ratios of 128.3% and 105.0%, respectively. There are currently no deferring or defaulted securities in the portfolio.

The ratings on the class A-1, A-2, B-1, B-2, and B-3 notes address the likelihood that investors will receive timely payment of interest and ultimate payment of principal by the stated maturity date. The ratings on the class C-1, C-2, and D notes address the likelihood that investors will receive ultimate payment of interest and ultimate payment of principal by the stated 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 Fitch's approach to rating CDOs of trust preferred securities, see the special report, 'Rating Criteria for US Bank and Insurance Trust Preferred CDOs,' dated Feb. 2, 2005 and available on the Fitch 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.