2008-10-17 17:36:02 -

- Fitch Ratings affirms and assigns Outlooks to JP Morgan Chase Capital 1 Trust series 2007-CIBC20 commercial mortgage pass-through certificates as follows:

--$24.8 million class A-1 at 'AAA'; Outlook Stable;

--$105.1 million class A-2 at 'AAA'; Outlook Stable;

--$208.6 million class A-3 at 'AAA'; Outlook Stable;

--$991.7 million class A-4 at 'AAA'; Outlook Stable;

--$84.4

million class A-SB at 'AAA'; Outlook Stable;

--$361.1 billion class A-1A at 'AAA'; Outlook Stable;

--$219.3 million class AM at 'AAA'; Outlook Stable;

--$35 million class AJ-FL at 'AAA'; Outlook Stable;

--$152.6 million class AJ at 'AAA'; Outlook Stable;

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

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

--$31.8 million class B at 'AA+'; Outlook Stable;

--$25.4 million class C at 'AA'; Outlook Stable;

--$28.6 million class D at 'AA-'; Outlook Stable;

--$22.3 million class E at 'A+'; Outlook Stable;

--$22.3 million class F at 'A'; Outlook Stable;

--$25.4 million class G at 'A-'; Outlook Stable;

--$35.0 million class H at 'BBB+'; Outlook Stable;

--$31.8 million class J at 'BBB'; Outlook Stable;

--$28.6 million class K at 'BBB-'; Outlook Stable;

--$31.8 million class L at 'BB+'; Outlook Stable;

--$9.6 million class M at 'BB'; Outlook Stable;

--$6.4 million class N at 'BB-'; Outlook Stable.

Fitch does not rate the following classes: $19.0 million class P, $3.2 million class Q, $ 9.6 million class T and $25.4 million class NR.

The affirmations are the result of stable performance and minimal paydown since issuance. Rating Outlooks reflect the likely direction of any rating changes over the next one to two year. As of the September 2008 distribution date, the pool's certificate balance has decreased 0.18% to $2.539 billion from $2.543 billion at issuance. Of the pool, 98 loans (85.9% of the pool) are interest-only or partial interest-only and there are no near term maturities.

The largest loan, Centro-New Plan Pool 1 (11.68% of the pool) consists of 18 cross collateralized and cross defaulted retail properties spread across 12 states and is sponsored by Centro Watt America REIT, Inc. The servicer-reported debt service coverage ratio (DSCR) for year-end (YE) 2007 was 1.58 times (x).

The second largest loan, The Gurnee Mills Mall, is a 1.56 million sf regional mall located in Gurnee, IL. The servicer-reported DSCR and occupancy for YE2007 was 1.53x and 95%, respectively.

The Portola Plaza Hotel (1.56% of the pool) and 1564 Broadway (0.77% of the pool) maintain investment-grade shadow ratings based on stable performance. The Portola Plaza Hotel is a full service hotel located in Monterey, CA. The servicer reported DSCR as of YE2007 is 4.4x.

1564 Broadway is 100% occupied by the Palace Theater. The servicer reported DSCR as of YE2007 is 4.18x. The Palace's Theater feature production, Legally Blond, will be ending in October 2008. Fitch will monitor this loan.

Fitch identified 10 loans (5.06% of the pool) as loans of concern. The largest loan of concern is the Baldwin Park Retail Center (1.62% of the pool), a newly constructed retail center in a master planned community in Orlando, Florida. The property was in lease-up at issuance. The servicer-reported YE2007 DSCR was 0.60x. The loan does not have any debt service reserves.

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.

Fitch Ratings, New York
Linda Hammel, +1-212-908-0303
Adam Fox, +1-212-908-0869
Media Relations:
Sandro Scenga, +1-212-908-0278