Fitch Affirms LB-UBS Commercial Mortgage Trust 2006-C7

--$36.5 million class A-1 at 'AAA';

--$624 million class A-2 at 'AAA';

--$54 million class A-AB at 'AAA';

--$968.1 million class A-3 at 'AAA';

--$427.6 million class A-1A at 'AAA';

--$302 million class A-M at 'AAA';

--$294.4 million class A-J at 'AAA';

--$22.6 million class B at 'AA+';

--$30.2 million class C at 'AA';

--$30.2 million class D at 'AA-';

--$26.4 million class E at 'A+';

--$26.4 million class F at 'A';

--Interest-only class X-CP at 'AAA';

--Interest-only class X-CL at 'AAA';

--Interest-only class X-W at 'AAA';

--$26.4 million class G at 'A-';

--$30.2 million class H at 'BBB+';

--$26.4 million class J at 'BBB';

--$26.4 million class K at 'BBB-';

--$7.5 million class L at 'BB+';

--$3.8 million class M at 'BB';

--$11.3 million class N at 'BB-';

--$3.8 million class P at 'B+';

--$3.8 million class Q at 'B';

--$3.8 million class S at 'B-'.

Fitch does not rate the $30.2 million class T certificates.

The rating affirmations are the result of stable pool performance and minimal pay down since issuance. As of the November 2007 distribution date, the pool's aggregate principal balance has decreased 0.1% to $3.020 billion from $3.015 billion at issuance. Interest only loans comprise 55.8% of the pool and an additional 32.5% of the pool is comprised of partial interest only loans.

One loan (0.3%), secured by a 38,592 square foot (sf) office property in Orlando, FL, is currently in special servicing and is 60 days delinquent. The special servicer is working with the borrower to bring the loan current. Losses are currently not expected.

Fitch reviewed the most recent servicer provided operating statement analysis reports for the four shadow rated loans: 520 Madison Avenue (15.8%), 1211 Avenue of the Americas (9.1%), Valley Manor Nursing & Rehabilitation Center (8.3%) and Reston Town Center (4.0%). Based on their stable performance since issuance the loans maintain their investment grade shadow ratings.

The largest shadow rated loan, 520 Madison Avenue (15.8%), is secured by a 994,757 sf class A office building located in the Plaza District submarket of Midtown Manhattan, New York. Major tenants include Jefferies & Company, Inc. (rated 'BBB+' by Fitch), Mitsubishi (rated 'A+' by Fitch), Metallgesellschaft and CA, Inc. (rated 'BBB-' by Fitch). Occupancy as of June 30, 2007 is 99.8% compared to 99.5% at issuance.

The second largest shadow rated loan, 1211 Avenue of the Americas (15.8%), is secured by a 1.9 million sf class A office building located in Midtown Manhattan, New York. The $275 million pari passu A-1 note is included in this transaction. The $400 million pari passu A-2 note is included in the LB-UBS 2006-C6 transaction (not rated by Fitch). Major tenants include News America (rated 'BBB' by Fitch), Ropes & Gray, Westdeutsche Landesbank (rated 'A+' by Fitch) and JP Morgan Chase (rated 'AA-' by Fitch). Occupancy as of June 30, 2007 is 100% compared to 99.9% at issuance.

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