2008-05-03 00:30:07 -

- Fitch downgrades 1 class of notes issued by Salisbury International Investments Limited, Series No: 2005-14 (Salisbury 2005-14). The following rating action is effective immediately:

--$33,000,000 class D Credit Linked Notes downgraded to 'CC' from 'A+' and removed from Rating Watch Negative.

Salisbury 2005-14 is a partially funded, static synthetic collateralized debt obligation (CDO) that closed on Dec. 8, 2005. Salisbury 2005-14 references a portfolio comprised primarily of subprime residential mortgage-backed securities (RMBS) bonds (44.9%), Alt-A RMBS (24.6%), prime RMBS (1.3%), and other structured finance assets. Subprime RMBS bonds of the pre-2005 and 2005 vintages account for approximately 25.3% and 19.6% of the portfolio, respectively. Alt-A RMBS of the pre-2005 and 2005 vintages represent approximately 16.9% and 7.6%

of the portfolio, respectively.

Fitch's rating actions reflect the significant collateral deterioration within the portfolio, specifically subprime (RMBS) and Alt-A RMBS. Since January 2007, approximately 38.5% of the portfolio has been downgraded with 7.2% of the portfolio currently on Rating Watch Negative. About 33.2% of the portfolio is rated at below investment-grade. In addition, the Fitch Weighted Average Rating Factor (WARF) has increased significantly from 4.27 at the last rating action in December 2006 to 16.44 currently.

The rating of the class D notes addresses the likelihood that investors will receive full and timely payments of interest, as per the transaction's governing documents, as well as the stated balance of principal by the legal final maturity date.

Fitch will continue to monitor and review this transaction for future rating adjustments. Additional transaction information and historical data are 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, New York
Kevin Kendra, 212-908-0760
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