Fitch Affirms and Assigns Outlooks to CRESI 2006-A

CHICAGO--(Business Wire)--
Fitch Ratings affirms and assigns Rating Outlooks to Commercial Real Estate
Synthetic Investment (CRESI) notes series 2006-A as follows:

-- $318.8 million class A at 'AAA'; Outlook Stable;

-- $28.2 million class B at 'AA'; Outlook Stable.

Fitch does not rate the $31.2 million class C, $8.9 million class D, $19.3
million class E, $29.7 million class F, $19.3 million class G, or $29.7 class H
notes.

The rating affirmations reflect the stable performance of the pool and
sufficient credit enhancement. The Rating Outlooks reflect the likely direction
of any rating changes over the next one or two years. As of the May 2009
distribution date, the pool has paid down 59.2% to $485 million from $1.19
billion at issuance. Of the original 91 loans, 38 remain in the transaction.

While the transaction has paid down since issuance, the ratings reflect the
increasingly concentrated nature, with the top 10 loans equal to 54.7% of the
outstanding principal. In addition, 42.3% of the pool is expected to mature
during 2009 and 2010. Because a majority of the loans' interest rates is tied to
floating indices, there is potential for interest rate volatility. The current
weighted average interest rate is 2.2%.

Fitch has identified six Loans of Concern (12.6%), including one loan in special
servicing (1.8%), as well as other loans with deteriorating performance. The
specially serviced loan is collateralized by an office/industrial property in
Clearwater, FL. The property lost a significant tenant in the spring of 2008,
and the loan transferred to special servicing in September 2008. The loan is
over 90 days delinquent and the special servicer is pursuing foreclosure. Losses
are expected.

The largest loan of concern is collateralized by a racetrack in San Mateo, CA.
The loan is current, but has a servicer-reported debt service coverage (DSCR) of
0.20 times (x) as of September 2008. The loan matures in October 2009.

The notes are issued by CRESI Finance Limited Partnership 2006-A and CRESI
Finance DE Corporation 2006-A. CRESI is a synthetic balance sheet transaction
that references a pool of 38 fixed-rate and adjustable-rate, closed end, first
lien mortgage loans secured by 61 commercial and multifamily properties. The
transaction is designed to provide credit protection for realized losses on the
reference portfolio through a financial guaranty contract which is in the form
of a credit default swap (CDS) between the issuer and the swap counterparty,
Bank of America (rated 'F1/A+' by Fitch). Proceeds from the note sale are held
in a charged assets account and used to purchase eligible securities.

Interest payments to the noteholders are paid from the income earned on the
eligible securities in the charged assets account and the premium payment from
the swap counterparty under the swap. Principal payments are equal to amounts
reflecting the principal payments collected and received with respect to the
mortgage loans.

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
Gregg Katz, +1-312-606-2343 (Chicago)
Britt Johnson, +1-312-606-2341 (Chicago)
Sandro Scenga, +1-212-908-0278
(Media Relations, New York)
sandro.scenga@fitchratings.com

Copyright Business Wire 2009