Fitch Affirms Protective Life 2007-PL; Assigns Outlooks

NEW YORK--(Business Wire)--
Fitch Ratings affirms Protective Life 2007-PL, commercial mortgage
pass-through certificates, as follows:

--$218.3 million class A-1 at 'AAA'; Outlook Stable;

--$152.3 million class A-2 'AAA'; Outlook Stable;

--$113.1 million class A-3 'AAA'; Outlook Stable;

--$132.9 billion class A-4 'AAA'; Outlook Stable;

--$94.6 million class A-1A 'AAA'; Outlook Stable;

--$101.6 million class A-M 'AAA'; Outlook Stable;

--$102.9 million class A-J 'AAA'; Outlook Stable;

--Interest-only class IO 'AAA'; Outlook Stable;

--$5.1 million class B 'AA+'; Outlook Stable;

--$8.9 million class C 'AA'; Outlook Stable;

--$6.4 million class D 'AA-'; Outlook Stable;

--$7.6 million class E 'A+'; Outlook Stable;

--$6.4 million class F 'A'; Outlook Stable;

--$8.9 million class G 'A-'; Outlook Stable;

--$7.6 million class H 'BBB+'; Outlook Stable;

--$7.6 million class J 'BBB'; Outlook Stable;

--$8.9 million class K 'BBB-'; Outlook Stable;

--$5.1 million class L 'BB+'; Outlook Stable;

--$2.5 million class M 'BB'; Outlook Stable;

--$2.5 million class N 'BB-'; Outlook Stable;

--$2.5 million class O 'B+'; Outlook Stable;

--$3.8 million class P 'B'; Outlook Stable;

--$2.5 million class Q 'B-'; Outlook Stable.

Fitch does not rate the $13.9 million class S.

The rating affirmations are a result of stable performance since
issuance. The Rating Outlooks reflect the likely direction of rating
changes over the next one to two years. As of the September 2008
distribution date, the transaction has paid down 4.2% to $974.2
million from $1.02 billion at issuance.

Based on servicer reported operating statements, the underlying
properties have had stable performance since issuance with a year-end
(YE) weighted average debt service coverage ratio (DSCR) for the pool
of 1.55 times (x), down slightly from 1.57x at issuance.

The pool is concentrated by property type with retail properties
accounting for 71.6% of the pool and single-tenant properties
accounting for over 35% of the pool.

Fitch recognizes that the high concentration in retail properties
could be of concern, especially given the challenging economic
environment. The performance of the retail loans in the pool has been
stable since issuance, and the servicer has reported a YE 2007 DSCR of
1.40x. Also, a majority of single-tenant properties are occupied by
strong regional grocers and drug stores. Furthermore, the weighted
average PMM score for all retail properties is 2.9, indicating that
these properties are located in historically less volatile markets.

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
Greg Christoforides, +1-212-908-0703
Adam Fox, +1-212-908-0869
Sandro Scenga, +1-212-908-0278 (Media Relations,
New York)
sandro.scenga@fitchratings.com

Copyright Business Wire 2008