CHICAGO, Jul 23, 2008 (BUSINESS WIRE) -- Fitch Ratings removes from Rating Watch Negative and downgrades 7
classes of J.P. Morgan Chase Commercial Mortgage Securities Corp.,
pass-through certificates, Series 2007-FL1, as follows:

--$11.9 million class RS-1 to 'BB+ from 'AA-';

--$12.8 million class RS-2 to 'BB' from 'A+';

--$15.6 million class RS-3 to 'BB-' from 'A';

--$11.1 million class RS-4 to 'B+' from 'A-';

--$15.4 million class RS-5 to 'B' from 'BBB+';

--$13.2 million class RS-6 to 'B-' from 'BBB';

--$7.6 million class RS-7 to 'B-' from 'BBB-';

In addition, Fitch affirms the following classes:

--$873.6 million class A-1 at 'AAA';

--$243.1 million class A-2 at 'AAA'

--Interest-only class X-1 at 'AAA';

--Interest-only class X-2 at 'AAA';

--$53.7 million class B at 'AA+';

--$38.4 million class C at 'AA';

--$36.4 million class D at 'AA-'

--$44.1 million class E at 'A+',

--$30.7 million class F at 'A';

--$30.7 million class G at 'A-;

--$42.2 million class H at 'BBB+';

--$38.4 million class J at 'BBB';

--$34.5 million class K at 'BBB-';

--$38.4 million class L at 'BBB-';

The downgrade of the Resorts International rake classes is as a
result of Fitch's review of updated financial information, in addition
to an analysis of the overall Atlantic City gaming market fundamentals
and performance.

As of year-end (YE) 2007, the Resorts International portfolio's
net cash flow declined approximately 32% from Fitch's stressed net
cash flow at issuance. The decrease in cash flow is attributed to
multiple factors: increased competition, a smoking ban introduced
throughout the entire Atlantic City gaming market, and the overall
negative performance of the gaming industry due to general
macro-economic conditions throughout the U.S. For the first three
months ended March 31, 2008, the Atlantic City gaming market recorded
a 17.7% decrease in gross operating profit from the same period in
2007. Fitch does not expect the cash flow to reach the same levels as
at issuance.

Resorts International, the fourth largest loan, consists of a
$120.2 million senior trust component and $87.7 million in subordinate
rake (RS) classes. The loan is secured by one casino/hotel property
located in Atlantic City, NJ and two casino/hotel properties located
in Tunica, MS. The total debt on the portfolio, including the trust
portion, totals $506.3 million. In September 2007, the Resorts East
Chicago property was released from the portfolio, paying down the
senior trust component by approximately 47%. The loan matures on
November 9, 2008 and has three one-year extension options.

The affirmations are due to expected performance and continued
stabilization of the remaining loans since issuance. As of the July
2008 remittance report, the transaction has paid down by approximately
12.3% (including the subordinate rake classes). All of the original 22
loans remain in the trust. In addition to the Resorts International
loan, the PHOV Portfolio (11.3%) has exercised a partial release, and
as a result has paid down by 17.6%. There are no specially serviced
loans, and all loans are current. All of the senior pooled notes that
remain in the transaction maintain investment grade shadow ratings.

The transaction consists of loans collateralized by hotel
properties (72.1%), retail (19.6%), office (5.6%) multifamily (1.6%)
and industrial/warehouse (1.1%).

The largest loan is secured by the Walden Galleria (15.4% of the
senior trust components), a mall located in Buffalo, NY. The property
completed the addition of the 300,000 sf ThEATery in the fall of 2007,
adding national retailers such as Barnes & Noble, Urban Outfitters and
the Cheesecake Factory. As of YE 2007, the mall was approximately 97%
occupied. The sponsor is Pyramid. The loan matures on May 9, 2009 and
has three one-year extension options.

The second largest loan is secured by the Marriott Waikiki
(12.9%), a full service hotel located along Kalakaua Avenue, across
from Waikiki Beach in Honolulu, HI. The property began a $28 million
renovation in January 2008 that is expected to be completed in the
fall of 2008. The sponsor, Whitehall, has provided a renovation
guaranty. As of April 2008, the trailing twelve month occupancy,
average daily rate (ADR) and revenue per available room (RevPAR) were
83.6%, $193 and $161, respectively. The loan matures in May 9, 2009,
and has three one-year extension options.

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.

SOURCE: Fitch Ratings

Fitch Ratings
Jeff Watzke, +1-312-606-2358
Britt Johnson, +1-312-606-2341 (Chicago)
Media Relations:
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