TEXT-Fitch affirms all classes of UBS 2007-FL1

June 27 - Fitch Ratings has affirmed all classes of UBS Commercial Mortgage
Trust, series 2007-FL1. The transaction has paid down by 47% since Fitch's last
rating action, however, all of the remaining loans are nearing or are past their
final maturity dates and 44% of the pool is in special servicing. A detailed
list of rating actions follows at the end of this release.

The affirmations, despite the significant paydown, reflect concerns with the
ability of certain loans to refinance. The remaining loans which have not been
modified are generally maturing over the next 12 months; the majority of the
loans had an average loan term of five years (including extensions). As lending
standards have changed considerably from the time these loans were originated,
there is uncertainty as to whether or not the loans will have issues securing
financing at final maturity.

Under Fitch's methodology, approximately 91.5% of the pooled balance is modeled
to default in the base case stress scenario, defined as the 'B' stress. In this
scenario, the modeled average cash flow decline is 5.8% and pooled expected
losses are 16.2%. To determine a sustainable Fitch cash flow and stressed value,
Fitch analyzed servicer-reported operating statements and STR reports, updated
property valuations, and recent sales comparisons. Fitch estimates that average
recoveries will be strong, with an approximate base case recovery in excess of
82.3%.

The transaction is collateralized by 12 loans, which are secured by hotels
(60.1%), undeveloped land (18%), office properties (12.1%) and multifamily
properties, (7.2%). The transaction faces near-term maturity risk. Seven loans
(45.5%) which have matured were transferred to the special servicer for maturity
defaults. Three loans (27.2%) mature within the next 12 months. The remaining
two loans (27.3%) have final maturities in mid-2014.

Seven loans were modeled to take a loss in the base case: Essex House (22.6% of
pool), Maui Prince Resort and Land (18.2%), MSREF Luxury Resort Portfolio
(9.9%), Hilton Long Beach (4.8%), Renaissance Ft. Lauderdale (2.5%), Dolce
Basking Ridge (2.4%), and the RexCorp Land Portfolio (1.8%). The largest modeled
losses were on the Essex House, the Maui Prince and the RexCorp Land Portfolio.

The Essex House loan is secured by a 515-room luxury full-service hotel and 26
residential units located in the Central Park South neighborhood of Manhattan.
The building was constructed in 1930 and underwent a $91 million renovation and
condo conversion in 2007. Of the 26 condo units, 18 have sold, and the loan has
been paid down accordingly. The eight remaining units are being marketed. At
issuance, the loan was underwritten to a stabilized cash flow, which anticipated
significant revenue gains due to the major renovation. The property's luxury
segment of the market has been especially hard hit by the economic downturn, and
the anticipated increases have not materialized. As of the year-end (YE) 2011,
the servicer-reported NOI was 75% lower than underwritten but had improved 10%
from YE 2010. Loan originally matured in September 2009 and was extended twice
for one year. There are no remaining extension options and the loan will reach
its final maturity in September 2012.

The Maui Prince loan is secured by a 310-room full service hotel, two 18-hole
golf courses and 1,194 acres of undeveloped land located in Maui, Hawaii. The
loan was transferred to special servicing on June 12, 2009 due to imminent
default at its maturity date. The loan has been assumed, paid down, modified and
extended. The final maturity date is now July 2014. Despite the paydown and
infusion of new capital by the sponsors, Fitch remains concerned about viability
of the business plan to develop the vacant land as luxury residential housing
given the continued weakness in the housing market. The loan remains with the
special servicer.

The RexCorp Land portfolio consists of 205 acres of commercial development land
located in Morris County, New Jersey. The loan defaulted at maturity in February
2010 and has been in special servicing since that time. Modification discussions
were not successful and the special servicer is pursuing foreclosure.

Fitch has affirmed the following classes as indicated:

--$201.1 million class A-1 at 'AAAsf'; Outlook Stable;
--$309.5 million class A-2 at 'BBBsf'; Outlook Stable;
--$57.3 million class B to 'BBsf'; Outlook Stable;
--$31 million class C at 'Bsf'; Outlook Stable;
--$27.2 million class D at 'CCCsf'; RE 100%;
--$27.2 million class E at 'CCCsf'; RE 45%;
--$27.2 million class F at 'CCsf'; RE 0%;
--$27.2 million class G at 'CCsf'; RE 0%;
--$29.1 million class H at 'Csf'; RE 0%;
--$27.1 million class J at 'Csf'; RE 0%;
--$27.1 million class K at 'Csf'; RE 0%.
--$1.9 million class O-MD at 'BBB-sf'; Outlook Stable;
--$4.5 million class O-WC at 'CCCsf' RE 0%.

Classes O-BH and O-HW have paid in full. Fitch does not rate classes O-SA and
O-HA. Classes L, M-MP, N-MP and O-MP all remain at 'D' RE 0% due to realized
losses. Fitch previously withdrew the rating of the interest-only class X. (For
additional information, see 'Fitch Revises Practice for Rating IO & Pre-Payment
Related Structured Finance Securities', June 23, 2010).

An update to the U.S. CMBS Focus Performance Report, 'UBS Commercial Mortgage
Trust, series 2007-FL1', will be available in the near future at
'www.fitchratings.com'.

Contact:
Primary Analyst
R. Brook Sutherland
Director
+1-312-606-2346
Fitch, Inc.
70 W. Madison St.
Chicago, IL 60602

Committee Chairperson
Mary MacNeill
Managing Director
+1-212-908-0785

Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email:
sandro.scenga@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions' (Dec. 1, 2011).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate
Transactions

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