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Fitch Assigns 'CAM2' CREL CDO Asset Manager Rating to Wachovia Bank.

NEW YORK -- Fitch Ratings assigns Wachovia Bank, National Association's Structured Finance Group ('Wachovia SFG') a 'CAM2' Commercial Real Estate Loan ('CREL') Asset Manager Rating. This rating is based on the bank's extensive commercial real estate lending experience, dedicated infrastructure, direct loan origination capabilities, Fitch-rated primary and special commercial mortgage loan servicing competence, limited loan loss experience since 1998, and the bank's strategic commitment to the CDO platform.

Wachovia SFG's scores for each group of criteria factors are summarized as follows:

--Company and Management Experience 1.75;

--Staffing 1.50;

--Procedures and Controls 1.50;

--Portfolio Management 2.00;

--CDO Administration 2.00;

--Technology 2.25.

--Performance Not Scored

Wachovia SFG's composite score of 2.25 is used to establish a systematically applied quantitative link between its asset manager rating and Fitch's CDO rating criteria, in accordance with the approach as outlined in the criteria report on 'Reviewing and Rating CDO Asset Managers,' dated Jan. 27, 2006, available on the Fitch Ratings's website at www.fitchratings.com.

Fitch rates CDO asset managers by asset class, on a scale of 1 to 5, with 1 being the highest rating. These ratings are based on a standardized scorecard methodology that includes factors in each of the seven groups as noted above. Also available on the Fitch Ratings website at a later date will be an expanded report on Wachovia SFG, detailing the factors which contributed to its rating.

Wachovia SFG is a business unit within Wachovia Bank, National Association's corporate and investment banking group, and is specifically located within the fixed income division's real estate capital markets group. Established in 1998, Wachovia SFG is currently staffed by 19 experienced professionals, and focuses on providing non-recourse, transitional and high leverage capital to the bank's commercial real estate customer base. The unit's lending activities are supported by bank's commercial mortgage loan servicing units. Wachovia SFG's forthcoming CREL CDO is intended to demonstrate the liquidity of its CREL portfolio, and the unit's ability to self-fund.

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.
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Publication:Business Wire
Date:May 4, 2006
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