Fitch Ratings Affirms Trumbull Rated Loan Fund 2003-1.

NEW YORK -- Fitch Ratings affirms the following notes issued by Trumbull Rated Loan Fund 2003-1, Ltd., (Trumbull), effective immediately:

--$31,325,000 amortizing notes 'A';

--$21,875,000 income notes 'BBB'.

Trumbull is a synthetic collateralized loan obligation (CLO) that provides investors leveraged exposure to a diversified portfolio of high-yield loans. The transaction utilizes a total rate of return swap between the Trumbull trust and Citibank, N.A. to obtain the leveraged exposure. The reference asset portfolio is managed by Hartford Investment Management Company (HIMCO). Fitch assigns a 'CAM2' leveraged loan CDO asset manager rating to HIMCO.

Fitch has reviewed the credit quality of the individual assets comprising the portfolio. Trumbull 2003-1 has experienced marginal positive credit migration since the closing. The composition of the portfolio has improved as overall market conditions strengthened. The weighted average spread on the reference assets is 2.61%, the weighted average rating factor (WARF) is 45.73 ('BB-'), the leverage factor is 6.12x, and a weighted average market value of the referenced assets is close to 101%. As a result of this analysis, Fitch has determined that the current rating assigned to the notes still reflects the current risk to noteholders. The rating addresses the timely payment of interest and the ultimate return of principal, but does not address the payment of additional interest to the notes.

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.