Fitch Assigns 1st Construction Loan Servicer Rating to JP Morgan CRELA.

CHICAGO -- Fitch Ratings assigns the first construction loan servicer rating to JP Morgan Commercial Real Estate Loan Administration (CRELA). CRELA is rated 'Acceptable' as a construction loan servicer for commercial real estate loans. The rating considers CRELA's extensive history of construction loan administration, project underwriting and servicing, experienced and tenured management and staff, and the strong operational risk and financial resources provided by its parent, JP Morgan Chase & Co. The rating also considers CRELA's extensive use of technology, including its proprietary construction loan administration system and its web-based platform for borrowers.

In addition to corporate history, staffing, policies and procedures, and technology, Fitch construction loan servicer reviews consider construction specific methodology. These areas include loan documentation and closing, risk/asset management, environmental risk management, disbursement administration, and loan servicing operations.

Based in Phoenix, with regional servicing offices in Chicago, New York, Houston and Dallas, CRELA currently services construction loans mainly for its parent. As of Sept. 30, 2006, CRELA's real estate loan servicing portfolio consisted of 1,532 properties valued at $7.66 billion.

Fitch rates construction loan servicers as 'Acceptable' or 'Unacceptable'. Fitch is the first rating agency to publish a criteria piece regarding the rating of construction loan pools. For more information about Fitch construction loan servicer ratings, refer to the report titled 'Rating U.S. Construction Loan Servicers', dated Dec. 5, 2006, available on Fitch's web site at 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.