Fitch Ratings changes the senior secured notes to paid in full (PIF) from 'DDD' for TCW Leveraged Income Trust, L.P. (TCW LINC). The following rating action is effective immediately:

-- Senior secured notes change to PIF from 'DDD'.

TCW LINC, a market value collateralized debt obligation (CDO) that closed on March 26, 1997, is managed by TCW Investment Management Company (TCW). The senior secured notes originally comprised $150 million of senior secured fixed-rate notes and $50 million of senior secured floating-rate notes (together, the senior secured notes). On Nov. 30, 2004, TCW made a principal paydown of $10,550,000 plus accrued interest of $55,182 in accordance with the terms of the agreement regarding forbearance and acceleration, which represented the final distribution due to the senior secured notes. Fitch will continue to monitor and review this transaction for future rating adjustments.

Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'. (For more information on the Fitch VECTOR model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Sept. 13, 2004, available on the Fitch Ratings web site at www.fitchratings.com.)