Fitch Upgrades Crest G-Star 2001-1.

NEW YORK -- Fitch upgrades two classes and affirms four classes of notes issued by Crest G-Star 2001-1, LP (Crest G-Star). The following rating actions are effective immediately:

--$233,061,331 class A notes affirmed at 'AAA';

--$60,000,000 class B-1 notes affirmed at 'AA+';

--$15,000,000 class B-2 notes affirmed at 'AA+';

--$20,000,000 class C notes affirmed at 'A+';

--$15,500,000 class D notes upgraded to 'BB+' from 'BB';

--$30,377,165 limited partnership interest certificates (principal only) upgraded to 'B+' from 'B'.

Crest G-Star is a collateralized debt obligation, which closed Sept. 6, 2001, supported by a static pool of commercial mortgage-backed securities (CMBS: 44.9%), senior unsecured real estate investment trust securities (REITs: 51.4%), and commercial real estate loans (CREL: 3.7%). Capmark Investments LP (CDO asset manager rating of 'CAM1' for commercial real estate assets by Fitch) selected the initial collateral.

The affirmations and upgrades are driven primarily by the stable 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, 27.71% of the portfolio has been upgraded an average of 1.48 notches and approximately 4.43% of the portfolio has been downgraded an average of 1 notch. The weighted average rating factor has remained relatively stable since the last review as result of the amortizations of the higher rated assets. The class A notes have paid down by 15.6%, 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 1995 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-1, B-2, 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. The rating of the Limited Partnership Interest Certificates addresses the likelihood that investors will receive the ultimate 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. 18, 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 or successors thereto.