Fitch Takes Rating Action on Falcon Auto Dealership Loan Trust 2001-1

CHICAGO--May 2, 20053, 2005--Fitch Ratings takes rating actions on Falcon Auto Dealership Loan Trust 2001-1 as follows:

-- Class A-2 downgraded to 'AA+' from 'AAA';

-- Class B downgraded to 'A+' from 'AA';

-- Class C downgraded to 'BBB+' from 'A';

-- Class D downgraded to 'B+' from 'BBB-';

-- Class E downgraded to 'B from 'BB';

-- Class F downgraded to 'CCC' from 'B';

-- Fitch affirms classes IO and A-1 at 'AAA'.

The rating actions are the result of reduced expected credit enhancement available to support all classes. Lower than anticipated recoveries on a recently defaulted borrower, representing approximately 4% of the pool, significantly reduced credit enhancement levels currently available.

Additionally, there is currently still one defaulted loan in the pool. The defaulted loan, a non-operational auto dealership, represents approximately 2% of the remaining pool balance. Fitch incorporated its own loss assumptions on the current default by applying a haircut to the underlying real estate value and netting out current outstanding advances. These assumptions were part of Fitch's analysis used to support the aforementioned rating actions.

Ongoing concerns with four current borrowers' low fixed charge coverage ratios (FCCRs) remain. The FCCRs provided by the servicer are indicative of the borrowers' financial position as of June 2004. As these concerns have not amounted to delinquent payments since that time, Fitch did not assume losses on these loans. However, Fitch will continue to frequently reevaluate the likelihood of default on these and all loans to maintain the appropriate ratings.