Fitch Upgrades 3 Classes of CREST G-STAR 2001-2, Ltd.

NEW YORK -- Fitch affirms one class and upgrades three classes of notes issued by Crest G-Star 2001-2, Ltd. (Crest G-Star). The following rating actions are effective immediately:

--$214,641,245 class A floating-rate notes affirmed at 'AAA';

-- $34,000,000 class B-1 fixed-rate notes upgraded to 'AA+' from 'AA';

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

-- $21,000,000 class C fixed-rate notes upgraded to 'BBB+' from 'BBB'.

Crest G-Star is a collateralized debt obligation (CDO), which closed Dec. 18, 2001. Crest G-Star is supported by a static pool of commercial mortgage-backed securities (CMBS: 40.99%) and senior unsecured real estate investment trust (REIT: 59.01%) securities. Capmark Investments LP (CDO asset manager rating of 'CAM1' for commercial real estate assets by Fitch) selected the initial collateral.

The upgrades are driven primarily by the improved credit quality of the portfolio, the de-leveraging of the liabilities, and the seasoning of the collateral since Fitch's last rating action. Since Fitch's last rating action, 42.03% of the portfolio has been upgraded an average of 1.81 notches and there have been no downgrades. In addition, the class A notes have paid down by 4.0%, increasing the credit enhancement to all classes of notes. All overcollateralization and interest coverage tests are passing well above their respective thresholds as of the March 2007 trustee report and show slight improvement since the last review. There are currently no defaulted assets in the portfolio. The CMBS assets in the collateral pool range from the 1998 vintage through the 2001 vintage. Due to defeasance and amortization, Fitch believes that these CMBS vintages are a positive factor in this transaction.

The rating of the class A notes addresses 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 B and C 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.

The original rating of the preferred shares addressed the likelihood that investors would receive their stated balance of principal by the legal final maturity date. The preferred shares have received distributions in excess of the $14,000,000 original rated balance and therefore are deemed to be paid in full by Fitch.

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. 18, 2006 and also available on Fitch's web site 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 or successors thereto.