Fitch Upgrades 2 Classes of CREST 2000-1.

NEW YORK -- Fitch has upgraded two classes and affirmed two classes of notes issued by Crest 2000-1, Ltd., (Crest 2000-1). These actions are the result of Fitch's review process and are effective immediately:

--$176,584,630 class A-2 notes affirmed at 'AAA';

--$50,000,000 class B notes upgraded to 'AA' from 'AA-';

--$22,500,000 class C notes upgraded to 'A-' from 'BBB';

--$21,000,000 class D notes affirmed at 'B-/DR2.'

Crest 2000-1 is a collateralized debt obligation (CDO) supported by a static collateral pool consisting primarily of commercial-backed mortgage securities (CMBS; 55.9%) and real estate investment trusts (REITs; 42.4%) debt securities, asset-backed securities (ABS; 0.4%) and residential-backed mortgage securities (RMBS; 1.2%). The collateral pool was selected by Structured Credit Partners, which was acquired by Wachovia Securities in 2001.

The upgrades are the result of improvement in the credit quality of the underlying portfolio, delevering of the capital structure, and the corresponding increase in credit enhancement available to the notes. Since last review, the class A-1 notes have been fully redeemed and the A-2 notes have paid down by 9.5%. In addition, 18.9% of the portfolio was upgraded by a weighted average 1.6 notches. The weighted average rating factor (WARF) improved to 4.1 from 4.3 and remains in the 'BBB/BBB-' rating category. All overcollateralization (OC) and interest coverage (IC) ratios have remained stable since the last rating action. There are currently no defaulted assets in the portfolio. The CMBS assets in the collateral pool range from the 1996 vintage to the 2000 vintage. Due to defeasance and amortization, Fitch believes these CMBS vintages are a positive factor in this transaction.

The rating of the preferred shares addresses the likelihood that investors will receive the stated balance of principal by the legal final maturity date. As of the February 2007 payment date, the $11,501,372 million preferred shares have received total proceeds of $11,501,372 million, which decreases the rated balance of the notes to $0. As a result, the preferred shares have been paid in full.

The ratings for classes A-2 and B address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class C and D notes address the likelihood that investors will receive ultimate and compensating interest payments, as per the governing documents, as well as the stated balance of principal by the legal final maturity date.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Derivative Fitch web site at www.derivativefitch.com. For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Oct. 4, 2006 and also available at www.derivativefitch.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.derivativefitch.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. Fitch means Fitch, Inc., Fitch Ratings Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor and successors thereto.