Fitch Affirms Select Portfolio Servicing's U.S. RMBS Servicer Ratings

NEW YORK--(Business Wire)--
Fitch Ratings affirms Select Portfolio Servicing, Inc.'s (SPS) U.S. residential
servicer ratings as follows:

--U.S. residential primary servicer rating for Alt-A product at 'RPS2+';

--U.S. residential primary servicer rating for subprime product at 'RPS2+';

--U.S. residential primary specialty servicer rating for second lien product at
'RPS2+';

--U.S. residential special servicer rating at 'RSS2+'.

The affirmations are based on SPS' experienced and tenured management team,
proficient default management processes, and focused internal control
environment. The affirmations also reflect the financial strength of its parent,
Credit Suisse (CS; Fitch IDR 'AA' on Rating Watch Negative).

Headquartered in Salt Lake City, UT with an additional servicing site in
Jacksonville, FL, SPS has been servicing residential loans for over 20 years and
residential mortgage-backed securities (RMBS) transactions for nine years. As of
Feb. 28, 2009, SPS serviced a portfolio of approximately 231,000 loans with an
unpaid principal balance (UPB) of over $30.4 billion. The portfolio is comprised
of 73.1% subprime, 9.4% Alt-A, and 17.3% second lien product by loan volume.
Since the last review, the company has made operational and technological
improvements to increase efficiencies across the servicing platform. SPS
enhanced it new loan set-up and investor reporting processes to include
modification histories and data as well as implemented Check 21 for earlier
presentation and availability of funds. To address increased modification and
defaulted loan activity, SPS significantly increased training hours in its
defaulted loan servicing functions, implemented an online reference tool for
call center agents, and continued to enhance its IVR and customer web site to
optimize customer usage.

Fitch recently completed its operational review of SPS' servicing operations and
believes the company continues to maintain a solid servicing operation with the
appropriate staff, procedures, controls, default management processes, and
technology to manage its current servicing portfolio. However, Fitch will
continue to monitor SPS' performance through the current market cycle.

Fitch rates residential mortgage primary, master, and special servicers on a
scale of 1 to 5, with 1 being the highest rating. Within some of these rating
levels, Fitch further differentiates ratings by plus (+) and minus (-) as well
as the flat rating. For more information on Fitch's residential servicer rating
program, please see Fitch's report 'Rating U.S. Residential Mortgage Servicers',
dated Nov. 29, 2006, which is available on the Fitch Ratings web site 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.

Fitch Ratings
Stephanie Whited, +1-562-481-1368
Diane Pendley, +1-212-908-0777 (New York)
Sandro Scenga, +1-212-908-0278
(Media Relations, New York)
sandro.scenga@fitchratings.com

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