Fitch Upgrades 11 & Affirms 2 Classes of G-Force CDO 2003-1.

NEW YORK -- Fitch Ratings upgrades 11 and affirms two classes of notes issued by G-Force CDO 2003-1. The following rating actions are effective immediately:

--$146,458,304 class A-1 notes affirm at 'AAA';

--$20,000,000 class A-2 notes affirm at 'AAA';

--$28,750,000 class BFL notes upgrade to 'AA+' from 'AA';

--$30,000,000 class BFX notes upgrade to 'AA+' from 'AA';

--$12,000,000 class CFL notes upgrade to 'A+' from 'A';

--$34,155,000 class CFX notes upgrade to 'A+' from 'A';

--$13,800,000 class D notes upgrade to 'A' from 'A-';

--$26,200,000 class E notes upgrade to 'A-' from 'BBB+';

--$21,550,000 class F notes upgrade to 'BBB+' from 'BBB';

--$26,000,000 class G notes upgrade to 'BBB+' from 'BBB';

--$30,000,000 class H notes upgrade to 'BBB' from 'BBB-';

--$40,000,000 class J notes upgrade to 'BB+' from 'BB';

--$50,000,000 class K notes upgrade to 'B+' from 'B'.

Force CDO 2003-1 is a collateralized debt obligation (CDO) whose collateral was selected by G Funds Asset Management, LLC and closed on Dec. 18, 2003. G-Force CDO 2003-1 is composed of 100% commercial mortgage-backed securities (CMBS) assets, including approximately 25.4% CMBS B-notes.

The collateral credit quality has improved. Since closing, 12.8% of the collateral has been upgraded, with 8.3% of the collateral being upgraded since the last rating action in December 2004. There have been no downgrades to date, and the overcollateralization (OC) ratio has remained stable since the close of the transaction. There has been limited deleveraging of the transaction's capital structure. The A-1 note holders have received principal distributions of approximately $16.3 million, representing approximately 10% of initial A-1 balance.

The ratings on the class A-1, class A-2, class BFL, and class BFX notes address the timely payment of interest and ultimate repayment of principal. The ratings on the class CFL, class CFX, class D, class E, class F, class G, class H, class J, and class K notes address the ultimate payment of interest and ultimate repayment of principal.

Due to the increased credit enhancement levels and the positive rating migration within the collateral pool, Fitch affirms the A-1 and A-2 classes, and upgrades all other 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 Fitch's web site at www.fitchratings.com.