Fitch Ratings Affirms Cityscape Home Loan Owner Trust Issues

Business Wire, July 24, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--July 24, 2002

Fitch Ratings affirms the ratings on the following securities:

Cityscape Home Loan Owner Trust, Series 1997-1:

--$6.06 million class A 'AAA';

--$8.21 million class M-1 'AA';

--$9.34 million class M-2 'A'.

Cityscape Home Loan Owner Trust, Series 1997-2:

--$7.76 million class A 'AAA';

--$4.93 million class M-1 'AA';

--$4.42 million class M-2 'A-';

--$0.425 thousand class B 'BBB'.

Cityscape Home Loan Owner Trust, Series 1997-3:

--$18.76 million class A 'AAA';

--$11.84 million class M-1 'AA';

--$8.15 million class M-2 'A-';

--$4.22 million class B 'BBB'.

Cityscape Home Loan Owner Trust, Series 1997-4:

--$15.30 million class A 'AAA';

--$16.64 million class M-1 'AA';

--$7.61 million class M-2 'A';

--$5.35 million class B 'BBB'.

The affirmations reflect the soundness of the senior/subordinate trust structure and the steady performance of the trust assets. Additionally, the certificates are performing within Fitch Ratings' expectations due to the adequacy of the credit enhancements provided by overcollateralization and excess spread.