Update: Fitch Assigns Final Ratings to CBRE Realty Finance CDO 2006-1.

NEW YORK -- (This is an amended version of a press release issued yesterday. Classes C through K are all secured instruments.)

Fitch Ratings assigns the following ratings to CBRE Realty Finance CDO 2006-1, Ltd. and CBRE Realty Finance CDO 2006-1 LLC (collectively CBRE 2006-1):

-- $375,000,000 class A-1 floating-rate secured notes due 2046 'AAA';

-- $33,000,000 class A-2 floating-rate secured notes due 2046 'AAA';

-- $34,500,000 class B floating-rate secured notes due 2046 'AA';

-- $15,000,000 class C floating-rate secured deferrable interest notes due 2046 'A+';

-- $13,500,000 class D floating-rate secured deferrable interest notes due 2046 'A+';

-- $9,000,000 class E floating-rate secured deferrable interest notes due 2046 'A-';

-- $10,500,000 class F floating-rate secured deferrable interest notes due 2046 'A-';

-- $13,500,000 class G floating-rate secured deferrable interest notes due 2046 'BBB+';

-- $4,500,000 class H floating-rate secured deferrable interest notes due 2046 'BBB+';

-- $24,000,000 class J fixed-rate secured deferrable interest notes due 2046 'BBB-';

-- $20,250,000 class K fixed-rate secured deferrable interest notes due 2046 'BB'.

CBRE 2006-1 is a cash flow collateralized debt obligation (CDO) managed by CBRE Realty Finance Management LLC (CBRF).

The ratings of the class A-1, A-2 and B notes address the likelihood that investors will receive full and timely payments of interest, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings for classes C through K address the likelihood that investors will receive ultimate interest and capitalized interest payments, as per the governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date.

The ratings are based upon the credit quality and mixture of the underlying assets, 87% of which will be purchased or committed to be purchased by the transaction's close, credit enhancement provided by support from subordinated notes, excess spread, and protections incorporated in the structure.

Proceeds from the issuance will be invested in a portfolio of primarily unrated commercial mortgage loan B-notes, commercial real estate mezzanine loans, commercial mortgage whole loans and commercial mortgage backed securities (CMBS). In addition, CDOs of commercial real estate loans, and credit tenant lease loans may also be purchased.

CBRE 2006-1 will have a five-year reinvestment period during which principal proceeds may be used to invest in substitute collateral subject to the covenants and reinvestment parameters outlined in the governing documents. CBRF will be the collateral manager for CBRE 2006-1. CBRF is a direct subsidiary of L.J. Melody & Company, which is in turn a subsidiary of CB Richard Ellis. One of the distinguishing features of the CBRF platform is access to collateral through its affiliation with L.J. Melody & Company and access to market information via its affiliation with CB Richard Ellis. Fitch views favorably CBRF's plans to use both Midland Loan Services (rated 'CPS1/CMS1/CSS1' by Fitch) and GEMSA Loan Services (rated 'CPS1/CMS1-') as primary servicers for the CDO, and in Midland Loan Services' case, for special servicing as well. Fitch finds CBRF qualified to serve as CDO asset manager for CBRE 2206-1.

CBRE Realty Finance CDO 2006-1, Ltd. is a Cayman Islands exempted company. CBRE Realty Finance CDO 2006-1 LLC is a Delaware limited liability company.

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.