TEXT-S&P puts 4 JPMorgan Mortgage 2006-fl1 ratings on watch negative

OVERVIEW
-- We placed our ratings on four classes from JPMorgan Chase Commercial
Mortgage Securities Corp.'s series 2006-FL1, a U.S. CMBS transaction, on
CreditWatch with negative implications.
-- The CreditWatch placements reflect our expectations of additional
interest shortfalls on these classes due to an appraisal reduction amount that
we expect to be affected on the sole remaining collateral in the trust as
early as the next reporting cycle.

NEW YORK (Standard & Poor's) Dec. 18, 2012--Standard & Poor's Ratings Services
today placed its ratings on four classes of commercial mortgage pass-through
certificates from JPMorgan Chase Commercial Mortgage Securities Corp.'s series
2006-FL1, a U.S. commercial mortgage-backed securities (CMBS) transaction, on
CreditWatch with negative implications (see list).

The negative CreditWatch placements reflect our expectations of additional
interest shortfalls on these classes due to an appraisal reduction amount
(ARA) that we expect to be affected on the sole remaining specially serviced
collateral, the Independence Mall loan, in the trust as early as the next
reporting cycle. According to the special servicer, C-III Asset Management LLC
(C-III), an updated appraisal value has recently been finalized. C-III stated
that it is currently working on the ARA calculation based on the recent
appraisal value. Standard & Poor's believes that there likely will be a
significant decline in the value of the property, in view of the continued
decline in occupancy and expected decrease in net cash flow (see below for
details).

As of the Dec. 17, 2012, trustee remittance report, the trust consisted of one
remaining floating-rate amortizing loan indexed to one-month LIBOR, the
Independence Mall loan. The one-month LIBOR rate was 0.208% according to the
Dec. 2012 trustee remittance report.

The Independence Mall loan has a trust and whole-loan balance of $71.2 million
and a total reported trust exposure of $72.0 million. The loan was transferred
to the special servicer on Aug. 27, 2012, due to its impending maturity. The
loan matures on Feb. 9, 2013. The payment status of the loan is currently
reported as 30 days delinquent. C-III indicated that it is currently waiting
on the borrower's proposal for a loan modification. The loan is secured by
679,705 sq. ft. of an 830,158-sq.-ft. regional mall in Kingston, Mass. The
master servicer, Wells Fargo Bank N.A., reported a 0.96x debt service coverage
for the three months ended March 31, 2012, and occupancy for the collateral
dropped to 61.4%, according to the Sept. 30, 2012, rent roll, following H&M
Group's vacancy (34,000 sq. ft.) in 2012, compared with 67.5% as of the Dec.
31, 2011, rent roll. Anchor tenants in the collateral include Target Corp.
(126,000 sq. ft.), Sears holding Corp. (79,441 sq. ft.), and Regal Cinema
(58,115 sq. ft.), according to the September 2012 rent roll. The loan
amortizes on a 20-year schedule.

Standard & Poor's will resolve the CreditWatch negative placements as more
information regarding the potential workout of the loan becomes available and
after we review the credit characteristics of the remaining collateral in the
trust as well as available liquidity remaining in the trust. If we lower our
rating on class G below AA- (sf), we will withdraw our 'AAA (sf)' rating on
the class X-2 interest-only (IO) certificates in accordance with our IO
criteria.

STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating
relating to an asset-backed security as defined in the Rule, to include a
description of the representations, warranties and enforcement mechanisms
available to investors and a description of how they differ from the
representations, warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially rated (including
preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this
credit rating report are available at
"RELATED CRITERIA AND RESEARCH

-- JPMorgan Chase Commercial Mortgage Securities Series 2006-FL1 Ratings
Raised On Four Classes; Seven Affirmed, March 22, 2012
-- Global Methodology For Rating Interest-Only Securities, April 15, 2010
-- Rating U.S. CMBS In The Face Of Interest Shortfalls, Feb. 23, 2006

RATINGS PLACED ON CREDITWATCH NEGATIVE

JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2006-FL1
Rating
Class To From
G AA- (sf)/Watch Neg AA- (sf)
H A-(sf)/Watch Neg A- (sf)
J BB (sf)/Watch Neg BB (sf)
K CCC (sf)/Watch Neg CCC (sf)