Fitch Ratings Affirms Tropic CDO I, Ltd.

NEW YORK -- Fitch Ratings affirms six classes of notes issued by Tropic CDO I, Ltd., (Tropic I). These affirmations are the result of Fitch's review process. The following rating actions are effective immediately:

-- $45,000,000 class A-1L notes 'AAA';

-- $90,000,000 class A-2L notes 'AAA';

-- $42,000,000 class A-3L notes 'AA+';

-- $48,000,000 class A-4L notes 'A-';

-- $32,000,000 class A-4 notes 'A-';

-- $25,000,000 class B-1L notes 'BBB'.

Tropic I, a collateralized debt obligation (CDO), which closed April 23, 2003, is a static pool composed of bank, thrift and insurance trust preferred securities. Included in this review, Fitch performed a full analysis of the collateral included in the portfolio.

Since closing the collateral has continued to perform, with slight improvement in the weighted average bank score as determined by the Fitch Bank Scoring Model. Three institutions totaling 8.83% of the initial portfolio have been acquired by institutions not previously included in the portfolio. Two of the acquired banks were both purchased by the same institution, bringing their total obligor concentration to 6.83% of the portfolio. This increased obligor exposure was reflected in the adjusted bank scores used for analysis. As of the trustee report dated Oct. 7, 2004, the senior and subordinate overcollateralization (OC) ratios remained unchanged at 169.5% and 106.4% respectively, and are both currently passing their performance test triggers of 106% and 105%. There are currently no defaulted or deferring securities in the portfolio.

The ratings on the class A-1L, A-2L and A-3L 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 A-4L, A-4 and B-1L 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 Bank and Trust Preferred CDOs' dated July 31, 2002 and also available at www.fitchratings.com.