Fitch Upgr Olympus' Primary/Special Servicer Rtgs.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 14, 2001

Fitch upgrades the residential primary servicer rating for Olympus (fka Calmco) Servicing L.P. (Olympus) to `RPS1-' for subprime product, upgrades the company's residential special servicer rating to `RSS2+' and assigns its `RPS1-' residential primary servicer rating for Alt-A product. The `RPS1-' Primary Servicer ratings reflect Olympus' highly experienced management team, strong non-performing loan and loss mitigation capabilities, ongoing development of best-of-breed servicing technology, and proven ability to manage rapid growth while maintaining or improving the performance of its servicing portfolio. The special servicer rating reflects the company's enhanced ability to manage and liquidate non- performing residential mortgage loans and real estate owned (REO) assets, as well as its sophisticated default management infrastructure.

The rating also reflects Olympus' substantial loan administration procedures and controls; an ability to attract, train and retain talented staff; and the substantial financial strength of its indirect parent, Credit Suisse First Boston (CSFB), which is currently rated `AA' by Fitch. These improvements, as well as the company's plans for further strengthening of its servicing platform, demonstrate that Olympus is well equipped to achieve its growth and performance targets, as well as realize its diversification initiatives, in 2002 and beyond. Fitch believes that the company is well positioned and fully prepared to navigate the impact on the portfolio of a general economic downturn.

As of Oct. 31 , 2001, Olympus serviced a total residential mortgage portfolio of over 76 thousand loans totaling over $9.3 billion. The portfolio currently includes $ 3.1 billion in subprime loans, and approximately $1.7 billion in Alt-A product. Olympus also provides special servicing for a $1.8 billion portfolio. In addition, the company services a growing portfolio of high loan-to-value (HLTV) loans, with an outstanding principal balance of $182 million.

Known until its name change on Oct. 5, 2001 as `Calmco Servicing L.P.', Olympus is a wholly owned direct subsidiary of CSFB (USA), Inc. The parent itself underwent a name change, from Donaldson, Lufkin & Jenrette (DLJ), following its acquisition by CSFB on Nov. 3, 2000. Headquartered in Austin, Texas, Olympus was created by DLJ in 1995 as a financial services company specializing in high-risk residential mortgage loans, headed up by an experienced senior management team averaging 14 years of industry experience.

Fitch will continue to monitor Olympus' performance and evaluate its progress in effectively managing its portfolio expansion and the further development of its various business lines.

Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on the review and rating process for servicers, see Fitch Research on `Rating Residential Loan Servicers', dated Aug. 3, 1999 and available on Fitch's web site at `www.fitchratings.com'.