Fitch Takes Various Actions on CSFB 2007-TFL2

Fitch Ratings has taken various actions on 11 classes of Credit Suisse First Boston Mortgage Securities Corp., series 2007-TFL2 including downgrades to eight tranches. A detailed list of rating actions follows at the end of this press release.

The downgrades are the result of the transfer of the largest loan, Planet Hollywood Resort and Casino (30.9% of the pool) to special servicing. The loan transferred to special servicing in August 2009 due to imminent default and the borrower's request for relief. In May 2009, a modification was completed which enabled the borrower to draw down $9 million of the $11 million interest reserve, subject to replenishment at the December 2009 maturity (and possible extension). This strategy proved unsuccessful, and the borrower defaulted on its loan obligations in August 2009 after asset performance continued to be poor through the summer months.

The special servicer, Archon, is discussing workout options with the borrower. Fitch analyzed the effect of a loan liquidation using three stress scenarios; a 50% value decline based on the appraisal from issuance, a 66% value decline, and a stressed value based on the trailing twelve month cash flow of $37 million and a 13% cap rate. The rating actions reflect the stressed value scenario.

Fitch will continue to monitor the workout of the loan and may take additional negative rating actions once an updated appraisal has been received and more detail on the workout becomes available.

Planet Hollywood Resort and Casino is a 2,519 room hotel and casino in Las Vegas, NV, previously operated as the Aladdin. The property is in the midst of a $178 million renovation and re-development project that includes substantial improvements to the facade, casino, restaurants, and guestrooms. At issuance, the property appraisal upon completion of all renovations was $1.3 billion, including land value of $397.5 million.

The Resorts Atlantic City (11.7%) and Biscayne Landing (10.8%) loans are also in special servicing with Fitch expecting losses upon resolution of the workouts.

Fitch downgrades and places on Rating Watch Negative the following classes of CS First Boston Mortgage Securities Corp., pass-through certificates, series 2007-TFL2:

--$207 million class A-3 to 'BBB-' from 'AAA';

--$45.7 million class B to 'BB' from 'A+';

--$42.6 million class C to 'BB' from 'A';

--$33.5 million class D to 'B' from 'BBB+';

--$36.6 million class E to 'B' from 'BBB'.

In addition, Fitch downgrades and assigns Recovery Ratings (RRs) to the following classes:

--$36.5 million class F to 'CCC/RR6' from 'BBB-';

--$33.5 million class G to 'CCC/RR6' from 'BB';

--$39.6 million class H to 'CC/RR6' from 'B'.

In addition, Fitch places the following class on Rating Watch Negative:

--$100 million class A-2 'AAA'.

In addition, the Recovery Rating on the following class is revised:

--$36.6 million class J from 'CC/RR4' to 'CC/RR6'.

In addition, Fitch affirms the following ratings:

--$39.6 million class K at 'C/RR6';

--$33.5 million class L at 'C/RR6';

--$8.9 million class BSL-A at 'C/RR6';

--$9 million class BSL-B at 'C/RR6';

--$8.9 million class BSL-C at 'C/RR6';

--$8.9 million class BSL-D at 'C/RR6';

--$7.9 million class BSL-E at 'C/RR6';

--$9.9 million class BSL-F at 'C/RR6'.

In addition, the following classes remain on Rating Watch Negative:

--$19.9 million class CSP-G 'BBB+';

--$9.9 million class CSP-H 'BBB';

--$15.9 million class CSP-J 'BBB-';

--$18 million class CSP-K 'BB+'.

In addition, Fitch affirms the following classes and revises Rating Outlooks as indicated:

--$518.1 million class A-1 at 'AAA'; Outlook to Negative from Stable;

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

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

--$85.9 million class CSP-A1 at 'AAA'; Outlook Stable;

--$33.6 million class CSP-A2 at 'AAA'; Outlook Stable;

--Interest-only class CSP-AX at 'AAA'; Outlook Stable;

--$10.6 million class CSP-B at 'AA+'; Outlook Stable;

--$11.5 million class CSP-C at 'AA'; Outlook Stable;

--$9.9 million class CSP-D at 'AA-'; Outlook Stable;

--$10 million class CSP-E at 'A+': Outlook Stable;

--$9.7 million class CSP-F at 'A'; Outlook Stable.

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.

Contacts:

Fitch Ratings, New York
Chris Bushart, [phone]
Adam Fox, [phone]
Sandro Scenga, [phone] (Media Relations)
[e-mail]