Fitch Upgrades Crest 2002-IG, Ltd.

CHICAGO -- Fitch upgrades one and affirms three classes of notes issued by Crest 2002-IG Ltd. (Crest 2002-IG). These actions are the result of Fitch's review process and are effective immediately:

--$454,478,603 class A notes affirmed at 'AAA';

--$78,000,000 class B notes affirmed at 'AAA';

--$40,000,000 class C notes upgraded to 'AA-' from 'A+';

--$14,000,000 class D notes affirmed at 'BB+.'

Crest 2002-IG is a collateralized debt obligation (CDO), which closed on May 16, 2002 that is supported by a static pool of commercial mortgage-backed securities (67.5%) and senior unsecured real estate investment trust (32.5%) securities. Structured Credit Partners, LLC, a subsidiary of Wachovia Corporation selected the initial collateral and serves as the collateral administrator.

Since Fitch's last rating action, the portfolio has continued to perform with a continued trend of upgrades in the portfolio, regular amortization, delevering of the capital structure and improved credit enhancement to all notes. Approximately 18.8% of the portfolio has been upgraded by a weighted average of three notches. As such, the average rating improved to 'A+'/'A' from 'A-'/'BBB+' at the last review. In addition, the class A notes have paid-down by 3.5%, increasing the credit enhancement to all classes of notes. The overcollateralization and interest coverage 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 1997 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 on 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 on the class B, 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, 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.