Fitch Affirms PARCO, Falcon, and Jupiter ABCP Ratings Upon Ambac Withdrawal

Business Wire, June 26, 2008

NEW YORK -- Fitch affirms ratings assigned to asset-backed commercial paper (ABCP) issued by JP Morgan Chase Bank, N.A. sponsored conduits as follows:

--Park Avenue Receivables Company LLC 'F1';

--Falcon Asset Securitization Company LLC 'F1 ';

--Jupiter Securitization Company LLC 'F1 '.

The action follows Fitch's withdrawal earlier today of Ambac Assurance Corp.'s Insurer Financial Strength (IFS) rating. Ambac provides of portion of the programwide credit enhancement for each conduit. The affirmation takes into consideration the following credit and structural factors:

--The financial and operational strength of sponsor JP Morgan Chase, which Fitch currently rates 'AA-'/'F1 ';

--The committed liquidity facilities equal to a minimum of 102% of commercial paper outstanding;

--The credit quality of the collateral pools, which consists of loans, receivables and securities and the availability of transaction specific credit enhancement;

--The availability of programwide credit enhancement, comprised of a JPMorgan Chase Bank provided letter of credit and an Ambac surety bond, totaling a minimum of 10% for each conduit.

--Fitch's monthly portfolio simulation analysis demonstrating available programwide credit enhancement sufficiently exceeds the results indicated.

In addition to the factors above, Fitch's ongoing analysis and monitoring of these ratings will take into consideration the credit quality of the underlying portfolios, the size of the JP Morgan Chase provided LOC relative to total PWCE as well as an assessment of Ambac's credit quality. The credit analysis of Ambac may be based on Fitch's internal assessment, other agencies opinions, or other credit views.

For more information on PARCO, Falcon, or Jupiter please refer to the Fitch Ratings web site www.fitchratings.com.

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.