NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed four classes of Capital Trust RE CDO 2004-1 (Capital Trust 2004-1). Fitch also withdraws all ratings due to a lack of relevancy. A detailed list of rating actions follows at the end of this release. KEY RATING DRIVERS The transaction is significantly undercollateralized. The CDO's liabilities currently exceed collateral by over $46 million. Only three assets remain in the highly concentrated pool, including two subordinate interests in real