Fitch Upgrades 4 & Affirms 83 Classes from 18 Citicorp Mortgage Securitizations

Business Wire, Nov 9, 2007

NEW YORK -- Fitch Ratings has upgraded four classes and affirmed 83 classes for the following Citicorp mortgage-pass through certificates:

Series 2002-11

--Class A affirmed at 'AAA';

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

--Class B-2 affirmed at 'AAA';

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

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

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

Series 2002-12

--Class A affirmed at 'AAA'.

Series 2003-2

--Class A affirmed at 'AAA';

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

--Class B-2 affirmed at 'AA ';

--Class B-3 upgraded to 'AA' from 'AA-'.

--Class B-4 upgraded to 'A' from 'A-'.

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

Series 2003-3

--Class A affirmed at 'AAA';

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

--Class B-2 affirmed at 'AAA';

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

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

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

Series 2003-4

--Class A affirmed at 'AAA'.

Series 2003-5

--Class A affirmed at 'AAA';

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

--Class B-2 affirmed at 'AA';

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

--Class B-4 upgraded to 'BBB' from 'BBB-';

--Class B-5 upgraded to 'BB' from 'BB-'.

Series 2003-8

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2003-10

--Class A affirmed at 'AAA'.

Series 2003-11

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-1

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-2

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-3

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-4

--Class A affirmed at 'AAA'.

Series 2004-5

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

Series 2004-6

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-7

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-8

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

Series 2004-9

--Class A affirmed at 'AAA';

--Class B-1 affirmed at 'AA';

--Class B-2 affirmed at 'A';

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

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

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

The affirmations affect approximately $4.744 billion in outstanding certificates and reflect adequate relationships of credit enhancement (CE) to future loss expectations. The upgrades reflect an improvement in the relationship of CE to future loss expectations and affect approximately $3.8 million in outstanding certificates.

The mortgage loans consist primarily of fixed-rate 15-30-year mortgages extended to prime borrowers and are secured by first liens, primarily on one- to four-family residential properties. As of the October 2007 distribution date, the transactions are seasoned from a range of 34 to 59 months and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from 0.09% (2002-11) to 0.72% (2004-4). All of the loans are serviced by CitiMortgage, Inc. which is rated 'RPS1' by Fitch.

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.