Fitch Ratings Upgrades Nine Classes of Anthracite CDO II, Ltd.

NEW YORK -- Fitch Ratings upgrades nine classes of notes and affirms one class of notes issued by Anthracite II CDO, Ltd. (Anthracite II). The following rating actions are effective immediately:

-- $158,027,000 class A notes affirmed at 'AAA';

-- $12,979,000 class B notes upgraded to 'AA+' from 'AA';

-- $31,000,000 class B-FL notes upgraded to 'AA+' from 'AA';

-- $42,978,000 class C notes upgraded to 'A' from 'A-';

-- $5,000,000 class C-FL notes upgraded to 'A' from 'A-';

-- $19,991,000 class D notes upgraded to 'BBB+' from 'BBB';

-- $10,000,000 class E notes upgraded to 'BBB' from 'BBB-';

-- $12,850,000 class F notes upgraded to 'BBB' from 'BBB-';

-- $10,000,000 class G notes upgraded to 'BB+' from 'BB'.

Anthracite II is a collateralized debt obligation (CDO), which closed Dec. 10, 2002. Anthracite II is supported by a static pool of commercial mortgage-backed securities (CMBS: 80%) and senior unsecured real estate investment trust (REIT: 20%) securities. BlackRock Financial Management (rated 'CAM1' for CDO Asset Management by Fitch) selected the initial collateral.

These rating actions reflect the improved credit quality of the assets, specifically the June 2005 defeasance of the Landmark B-note loan. The Landmark B-note is securitized as a several stand alone notes within CSFB 2001-CP4. Approximately 2.8% of Anthracite II's portfolio consists of defeased Landmark B-note securitizations, which are listed on the trustee report as CSFB 2001-CP4 LM A, B, C and CSFB 2001-CP4 LM2 A, B, C. Including the defeasance, approximately 13.4% of the collateral experienced positive credit migration since close. The Fitch weighted average rating factor has improved since the close of the transaction but remains within the 'BB+/BB' rating category. The information regarding the defeasance, together with the additional positive credit migration, warrants the upgrade of the above classes.

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, available on the Fitch web site 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.