SFA CDO Classes Downgraded

Three classes of notes issued by SFA Collateralized Asset-Backed Securities I Trust have been downgraded by Fitch Ratings.The downgrades were as follows: class A, from AA-plus to BB; class B-1, from B-minus to CC; and class B-2, from B-minus to CC. The C rating on class C of the deal was affirmed. The transaction, a collateralized debt obligation managed by Structured Finance Advisors Inc., is supported by a diversified portfolio of asset-backed securities, residential mortgage-backed securities, and commercial MBS. Fitch attributed the downgrades to the continued deterioration of the collateral since the last rating action in July 2003. As of March 15, defaulted assets represented 7.98% of the approximately $183.8 million of collateral and eligible investments, the rating agency said. Fitch can be found online at http://www.fitchratings.com.