Fitch Places 7 Classes of J.P. Morgan Chase Series 2007-FL1 on Rating Watch Negative

Business Wire,  June 23, 2008  

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CHICAGO -- Fitch places the following classes of J.P. Morgan Chase Series 2007-FL1 on Rating Watch Negative:

--$11.9 million class RS-1 at 'AA-';

--$12.8 million class RS-2 at 'A+';

--$15.6 million class RS-3 at 'A';

--$11.1 million class RS-4 at 'A-';

--$15.4 million class RS-5 at 'BBB+';

--$13.2 million class RS-6 at 'BBB';

--$7.6 million class RS-7 at 'BBB-'.

The Negative Watch placements are due to the receipt of the Resorts International Servicer reported year-end (YE) 2007 with net cash flow that is significantly less than issuance. Fitch will review the financial information in detail as well as market performance. As a result of this analysis, downgrades of several notches are possible. The trust portion of the Resorts International loan consists of a $120.2 million senior trust component and $98.7 million in subordinate rake (RS) classes. The loan is secured by three casino/ hotel properties located in Atlantic City, NJ and Tunica, MS. The total debt on the properties, including the trust portion, totals $506.3 million and includes $233.6 million in subordinate debt outside the trust.

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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