Fitch Upgrades 5 & Affirms 5 of Diversified REIT Trust 2000-1 Ltd./Corp.

NEW YORK -- Fitch Ratings upgrades five classes and affirms five classes of notes issued by Diversified REIT Trust 2000-1 Ltd./Corp. (DREIT 2000-1). The following rating actions are effective immediately:

--$13,232,647 class A-1 affirm at 'AAA';

--$105,453,352 class A-2 affirm at 'AAA';

--$18,090,000 class B affirm at 'AAA';

--$26,992,000 class C affirm at 'AAA';

--$21,249,000 class D upgrade to 'AA' from 'AA-';

--$11,343,000 class E upgrade to 'A-' from 'BBB+';

--$4,307,000 class F upgrade to 'BBB-' from 'BB+';

--$5,025,000 class G upgrade to 'BB+' from 'BB';

--$4,308,000 class H upgrade to 'BB-' from 'B+';

--class X notes (interest only) affirm at 'AAA'.

DREIT 2000-1 is a collateralized debt obligation (CDO) which closed April 13, 2000. DREIT 2000-1 is composed of a static pool of senior unsecured real estate investment trust (REIT) securities.

The upgrades are driven primarily by the improved credit quality, seasoning of the collateral, and deleveraging of the transaction. Since last review, an additional 15.83% of the original capital structure was paid down. The percentage of portfolio assets having experienced credit upgrades outweighs the percentage of downgrades. The weighted average rating factor has improved to 4.92, as of November 28, 2006, from 5.65 at last review. The weighted average coupon remains relatively stable at 7.73%. The weighted average life, demonstrating seasoning, has decreased slightly to 1.82, as of Nov. 28, 2006, from 1.88 at last review.

The notes pay principal in sequential order and there are no over-collateralization or interest coverage tests. There are currently no defaulted assets in the portfolio.

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 October 4, 2006, available on Fitch's 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.