Fitch Downgrades 1 & Affirms 4 ABS Classes in 4 FIB Business Loan Deals

CHICAGO--(Business Wire)--
Fitch Ratings has taken the following rating actions on the First International
Bank (FIB) small business loan asset-backed securities (ABS) transactions listed
below:

FIB Business Loan Notes, series 2000-A

--Class A affirmed at 'B-' ('DR2' removed);

--Class M-1 revised to 'C/RR6' from 'C/DR6';

--Class M-2 revised to 'C/RR6' from 'C/DR6';

--Class B revised to 'C/RR6' from 'C/DR6'.

FIB SBA Loan-Backed Adjustable Rate Certificates, series 1999-1

--Class A affirmed at 'B' ('DR1' removed);

--Class M revised to 'C/RR1' from 'C/DR4';

--Class B revised to 'C/RR1' from 'C/DR6'.

Series 2000-1

--Class A downgraded to 'CC/RR4' from 'CCC/DR3';

--Class M revised to 'C/RR6' from 'C/DR6';

Series 2000-2

--Class A affirmed at 'BB+';

--Class M affirmed at 'B-' ('DR1' removed).

The downgrade reflects continued deterioration within the collateral pool for
the series 2000-1. The transaction remains significantly undercollateralized,
and recovery expectations for the pool are minimal. As delinquencies and losses
continue to roll through the trust, Fitch anticipates available credit support
to further decline for the outstanding notes. In particular, cumulative net
losses equal 27.9%, as of the May 2009 reporting period.

For the remaining transactions, delinquencies have continued to increase and are
high delinquency bucket roll rates are still evident. Despite the deterioration
in performance, based on Fitch's analysis, credit support has remained
consistent with levels seen in the prior review while recovery prospects for the
distressed notes has changed, leading to an affirmation of all long-term ratings
and the revisions to the Recovery Ratings (RRs).

Fitch's analysis incorporated a review of collateral characteristics of the
defaulted loans to determine recovery expectations. In its analysis, Fitch
reviewed each transaction on an individual loan basis. All loans over 60 days
delinquent were deemed defaulted loans. Loans were applied loss and recovery
expectations based on collateral characteristics (i.e. real estate, machinery
and equipment, and accounts receivables) and historical recovery performance.
All loans over 180 days received a further stress by discounting the remaining
loan balance. After determining expected losses on each loan, these expectations
were applied to outstanding balances. Fitch was then able to assess the impact
on enhancement levels.

Fitch will continue to closely monitor these transactions and may take
additional rating action in the event of changes in performance and credit
enhancement measures.

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.

Fitch Ratings, Chicago
Juveria Mozaffar, 312-606-2335
Du Trieu, 312-368-2091
or
Media Relations:
Sandro Scenga, 212-908-0278, New York
Email: sandro.scenga@fitchratings.com

Copyright Business Wire 2009