DASH CDO Classes Downgraded

Two classes of Diversified Asset Securitization Holdings II LP have been downgraded by Fitch Ratings.The downgrades were as follows: class A-2L, from AA-minus to A-minus; and class B-1, from BBB-minus to BB-minus. Class B-1 was also removed from Rating Watch Negative. Fitch said DASH II is a collateralized debt obligation that was originated and managed by Asset Allocation & Management LLC, but that Western Asset Management Co. became the substitute asset manager for AAMCO in October 2002. The portfolio backing the CDO consists of residential and commercial mortgage-backed securities and commercial and consumer asset-backed securities. Fitch said its review of the credit quality of the collateral and a cash-flow analysis indicated that the original ratings assigned to the downgraded classes "no longer reflect the current risk to noteholders." Fitch can be found online at http://www.fitchratings.com.