Fitch Ratings Affirms the Liabilities of Crest 2002-1, Ltd.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 16, 2003

Fitch Ratings affirms all of the rated notes issued by Crest 2002-1, Ltd. (Crest 2002-1). The affirmation of these notes is a result of Fitch's annual rating review process. The following rating actions are effective immediately:

-- $325,000,000 class A senior secured floating rate term notes

affirmed at 'AAA';

-- $57,000,000 class B-1 second priority fixed rate term notes

affirmed at 'A-';

-- $52,000,000 class B-2 second priority floating rate term notes

affirmed at 'A-';

-- $35,000,000 class C third priority fixed rate term notes

affirmed at 'BBB'.

Crest 2002-1 is a collateralized bond obligation (CBO), which closed March 27, 2002, supported by a static pool of commercial mortgage-backed securities (CMBS; 39.3%) and real estate investment trusts (REITs; 60.7%). Fitch has reviewed the credit quality of the individual assets comprising the portfolio, including discussions with Wachovia Securities (Wachovia), the asset manager. According to the May 30, 2003 trustee report the class A over-collateralization was 153.85% and the class B over-collateralization was 120.48%, relative to test levels of 133% and 110%, respectively. The report also indicated that no paydowns have occurred on any of the note classes and that the CBO has experienced no significant credit migration with a current weighted average rating factor (WARF) of 25.20 vs. an initial WARF of 25.16.

Based on the stable performance of the underlying collateral and the comfortable cushion on the over-collateralization tests, Fitch has affirmed all of the rated liabilities issued by Crest 2002-1. Fitch will continue to monitor this transaction. Deal information and historical data on Crest 2002-1 is available on Fitch Ratings' web site at 'www.fitchratings.com'.