Fitch Ratings Upgrades Crest G-Star 2001-1.

NEW YORK -- Fitch Ratings upgrades four classes and affirms two classes of the notes issued by Crest G-Star 2001-1, (Crest G-Star) as follows:

--$276,029,161 class A notes affirmed at 'AAA';

--$60,000,000 class B-1 notes upgraded to 'AA+ from 'A+';

--$15,000,000 class B-2 notes upgraded to 'AA+' from 'A+';

--$20,000,000 class C notes upgraded to 'A+' from 'BB+';

--$15,500,000 class D notes upgraded to 'BB' from 'B+';

--$30,377,165 limited partnership interest certificates affirmed at 'B' (principal only).

Crest G-Star is a collateralized debt obligation (CDO), which closed Sept. 6, 2001, supported by a static pool of commercial mortgage-backed securities (CMBS: 44.3%), senior unsecured real estate investment trust securities (REITs: 52.4%), and commercial real estate loans (CREL: 3.3%). GMAC Institutional Advisors, LLC, (now known as Capmark Investments, LP, rated 'CAM1' by Fitch) selected the initial collateral and serves as the collateral administrator.

The upgrades are driven primarily by the improved credit quality, seasoning of the collateral, and deleveraging of the transaction. Since Fitch's last review, the collateral has shown significant positive credit migration. All overcollateralization (OC) and interest coverage ratios have remained stable since inception. There are currently no defaulted assets in the portfolio.

The rating on the class A note addresses the timely payment of interest and ultimate repayment of principal. The ratings on the class B-1, class B-2, class C, class D notes and limited partnership interest certificates address the ultimate payment of interest and ultimate repayment of principal.

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 the Fitch VECTOR model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004, also available 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.