DASH CDO Classes Downgraded

Two classes of Diversified Asset Securitization Holdings III LP, a collateralized debt obligation based in part by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings.Class A-3L was downgraded from BB to B/DR1, and class B-1L was downgraded from CC/DR3 to C/DR6. Fitch said there have been further writedowns on some previously defaulted bonds since its last rating action on the deal, in March 2006. Fitch said DASH III is a CDO that was originated and managed by Asset Allocation & Management LLC, but that TCW Asset Management Co. became the substitute asset manager for AAMCO in October 2002. The portfolio backing the CDO consists of RMBS, CMBS, asset-backed securities, and real estate investment trusts.