Fitch Upgrades 3 & Affirms 18 RMBS Classes From 5 SBMS VII Issues

Business Wire, Nov 2, 2005

NEW YORK -- Fitch Ratings has taken rating actions on the following Salomon Brothers Mortgage Securities (SBMS) VII, Inc. mortgage pass-through certificates:

Series 1992-6

-- Class A-1 affirmed at 'AAA';

-- Class M affirmed at 'AAA'.

Series 1994-19

-- Class A affirmed at 'AAA'.

Series 2002-1

-- Classes A-1 to A-3 and PO affirmed at 'AAA';

-- Class B-1 upgraded to 'AA' from 'A'.

Series 2003-1

-- Classes A-1 to A-2 and PO affirmed at 'AAA';

-- Class B-1 affirmed at 'A'.

Salomon Brothers Sovereign, Series 2002-1

-- Classes A-1 to A-4 affirmed at 'AAA';

-- Class B-1 upgraded to 'AAA' from 'AA';

-- Class B-2 upgraded to 'AA' from 'A';

-- Class B-3 affirmed at 'BBB';

-- Class B-4 affirmed at 'BB';

-- Class B-5 affirmed at 'B'.

The upgrades, affecting approximately $21.9 million of outstanding certificates, are being taken as a result of low delinquencies and losses, as well as increased credit support levels.

The affirmations, affecting approximately $152.33 million of outstanding certificates, are due to credit enhancement and collateral performance generally consistent with expectations.

Further information regarding current delinquency, loss and credit enhancement statistics is available on the Fitch Ratings web site at www.fitchratings.com.

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.