Fitch Upgrades 6 & Affirms 4 from Diversified REIT Trust 2000-1 Ltd./Corp.

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

--$18,300,000 class A-1 'AAA';

--$145,836,000 class A-2 'AAA';

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

--$26,992,000 class C upgrade to 'AAA' from 'AA';

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

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

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

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

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

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

DREIT 2000-1 is a collateralized debt obligation (CDO) which closed April 13, 2000, 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, the percentage of portfolio assets having experienced credit upgrades outweighs the percentage of downgrades. The weighted average rating factor (WARF) has improved to 5.65 as of August 4, 2006 from 6.14 at last review. The weighted average coupon (WAC) remains relatively stable at 7.68%.

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 www.fitchratings.com.

For more information on the Fitch VECTOR Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004, and also available on the Fitch Ratings 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.