Fitch Upgrades 2 Classes and Affirms 1 Class of JWS CBO 2000-1, LTD./CORP.

Fitch Ratings has upgraded two classes and affirmed one class of notes issued by JWS CBO 2000-1, LTD./CORP (JWS CBO) as follows:

--$1,156,037 class C-1 notes upgraded to 'BBBsf' from 'CCCsf', Outlook Stable;

--$1,271,641 class C-2 notes upgraded to 'BBBsf' from 'CCCsf', Outlook Stable;

--$21,973,057 class D notes affirmed at 'Csf'.

The upgrade of the C-1 and C-2 (Class C) notes is the result of the significant amortization of the capital structure. Since the last review in January 2011, the notes have amortized 92.3% of their original balance and are now fully covered by the principal collection account balance of the transaction. The class C notes have become the most senior notes in the structure since the class B notes paid in full in March 2011.

This review did not utilize Fitch's Global Cash Flow model, which incorporates interest rate stresses and default timings, given that seven months remain until maturity and few performing obligors remain in the portfolio.

The affirmation of the class D notes is due to their significant undercollateralization. The outstanding balance of the class D notes greatly exceeds expected proceeds from the $7.8 million performing portfolio, $6.7 million remaining principal collection account balance, and minimal recoveries anticipated on $24.7 million of defaulted assets. As a result, an ultimate principal shortfall remains inevitable, and is reflected by the 'Csf' rating of the notes.

JWS CBO is a collateralized bond obligation (CBO) managed by Stonegate Capital Management, L.L.C. (Stonegate) that closed on July 18, 2000. The transaction is scheduled to mature in July 2012.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from periodic trustee reports, note valuation reports and the public domain.

Applicable Criteria & Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011);

--'Global Rating Criteria for Corporate CDOs' (Aug. 10, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=641789

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