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Fitch Rates MLMI Trust $104.6MM Mtge Loan A-B Ctfs, Series 2005-SD1

Fitch Rates MLMI Trust $104.6MM Mtge Loan A-B Ctfs, Series 2005-SD1

NEW YORK — The Merrill Lynch Mortgage Investors Trust, mortgage loan asset-backed certificates, series 2005-SD1, are rated by Fitch as follows:

— $92,175,100 class A and class R ‘AAA’;

— $7,152,000 class M-1 ‘AA’;

— $5,249,000 class M-2 ‘A’;

— $4,614,000 privately offered class B-1 ‘BBB’;

— $4,326,000 privately offered class B-2 ‘BB’.

The ‘AAA’ rating on the senior certificates reflects the 21.40% credit enhancement provided by the 6.20% class M-1, 4.55% class M-2, 4.00% class B-1, and 3.75% class B-2, along with target overcollateralization (OC) of 2.90%. In addition, the ratings on the certificates reflect the quality of the underlying collateral, and Fitch’s level of confidence in the integrity of the legal and financial structure of the transaction.

The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties, with an aggregate principal balance of $115,363,606. As of the cut-off date (Sept. 1, 2005), the mortgage loans had a weighted average original loan-to-value ratio (OLTV) of 83.75%, weighted average coupon (WAC) of 7.507%, weighted average remaining term to maturity (WAM) of 372 months, and an average principal balance of $87,001. Single-family properties account for 78.39% of the mortgage pool, two- to four-family properties 4.38%, and condos 5.47%. Approximately 95.76% of the properties are owner occupied. The three largest state concentrations are California (41.54%), Florida (7.92%), Arizona (4.83%).

None of the mortgage loans are ‘high cost’ loans as defined under any local, state or federal laws. For additional information on Fitch’s rating criteria regarding predatory lending legislation, please see the press releases issued May 1, 2003 entitled ‘Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation’ and Feb. 23, 2005 entitled ‘Fitch Revises RMBS Guidelines for Antipredatory Lending Laws,’ available on the Fitch Ratings web site at www.fitchratings.com.

Merrill Lynch Mortgage Investors Inc. deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. Wells Fargo Bank, N.A. will act as trustee. Wilshire Credit Corporation., rated ‘RSS1-‘ by Fitch, will act as servicer for this transaction.

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.

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