Fitch Ratings Affirms Trapeza CDO VI, LLC.

NEW YORK -- November 22, 2005: Fitch Ratings affirms five classes of notes and one combination security issued by Trapeza CDO VI, LLC, (Trapeza VI). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately:

-- $155,000,000 class A-1A notes affirmed at 'AAA';

-- $21,000,000 class A-1B notes affirmed at 'AAA';

-- $59,350,000 class A-2 notes affirmed at 'AAA';

-- $39,500,000 class B-1 notes affirmed at 'A';

-- $56,500,000 class B-2 notes affirmed at 'A';

-- $5,000,000 class 1 combination securities affirmed at 'BBB'.

Trapeza VI is a collateralized debt obligation (CDO) managed by Trapeza Capital Management, LLC, which closed April 20, 2004. Trapeza VI is primarily composed of bank trust preferred securities.

Since closing, the collateral has continued to perform with a relatively stable weighted average bank score as determined by the Fitch Bank Scoring Model. As of the Nov. 8, 2005 trustee report, the class A and B overcollateralization (OC) ratios remain relatively unchanged and continue to pass their performance test triggers of 139.4% and 103.0% with ratios of 149.5% and 106.2%, respectively. There are currently no deferring or defaulted securities in the portfolio.

The ratings on the class A-1A, A-1B, and A-2 notes address the likelihood that investors will receive timely payment of interest, as well as the aggregate outstanding amount of principal by the stated maturity date as per the governing documents. The ratings on the class B-1 and B-2 notes address the likelihood that investors will receive ultimate interest and deferred interest payments, as well as the aggregate outstanding amount of principal by the stated maturity date as per the governing documents. The rating on the class 1 combination securities addresses the ultimate payment of an amount equal to the original principal amount of and ultimate payment of interest at a rate of 2.00% on such class by the stated maturity date. The class 1 combination security has received total distributions of $479,613, decreasing the total rated balance of the security to $4,520,387.

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 U.S. Bank and Insurance Trust Preferred CDOs' dated Feb. 2, 2005 and available on Fitch's web site.

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.