Fitch Affirms $15.3MM from Salomon Brothers Mortgage Securities VII, 2003-UP1

Business Wire, April 25, 2008

NEW YORK -- Fitch Ratings affirms Salomon Brothers Mortgage Securities VII mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are now removed. Affirmations total $15.3 million.

SBMSI Series 2003-UP1

--$12.8 million class A affirmed at 'AAA';

--$1.1 million class M-1 affirmed at 'AAA';

--$1.0 million class M-2 affirmed at 'AA';

--$0.3 million class M-3 affirmed at 'A'.

Deal Summary

--Originators: 100% Union Planters

--60 day Delinquency: 12.39%

--Realized Losses to date (% of Original Balance): 1.48%

Additional details are available in the following research, available at www.fitchratings.com:

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007);

All of Fitch's ratings criteria for U.S. subprime RMBS available at www.fitchratings.com/subprime. For a list of deals currently under analysis please visit www.fitchratings.com/smartview.> Further information regarding current delinquency, loss, and credit enhancement statistics is also available 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.