July 16, 2012 / 8:14 PM / 5 years ago

TEXT-Fitch downgrades BSCMSI 2002-PBW1

July 16 - Fitch Ratings has downgraded one class of Bear Stearns Commercial
Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series
2002-PBW1. A detailed list of rating actions follows at the end of this press

The downgrade reflects Fitch expected losses across the pool. Fitch modeled
losses of 5.2% of the original pool balance. There are currently six
specially-serviced loans (16.2%) in the pool.

As of the July 2012 distribution date, the pool's aggregate principal balance
has been reduced by 88.3% (including 3.6% of realized losses) to $108 million
from $921 million at issuance. Two loans in the pool (17.4%) are currently
defeased. Interest shortfalls are affecting classes J, K and M through P.

The largest contributor to Fitch-modeled losses (4.6%) is secured by secured by
a 58,145 square foot (sf) vacant free-standing retail building located in
Toledo, OH. The loan was transferred to special servicing in September 2010 due
to monetary default. The property became real-estate-owned (REO) in May 2012.
The special servicer is evaluating disposition timing and options.

Fitch downgrades the following class:

--$16.1 million class H to 'CCsf' from 'CCCsf'; RE 90%.

In addition, Fitch affirms the following classes as indicated:

--$3.9 million class B at 'AAAsf'; Outlook Stable;
--$31.1 million class C at 'AAAsf'; Outlook Stable;
--$8.1 million class D at 'AAAsf'; Outlook Stable;
--$9.2 million class E at 'AAsf'; Outlook Stable;
--$13.8 million class F at 'BBBsf'; Outlook Stable;
--$13.8 million class G at 'Bsf'; Outlook Stable;
--$10.4 million class J at 'Csf'; RE 0%;
--$1.8 million class K at 'Dsf'; RE 0%;
--Class L at 'Dsf'; RE 0%;
--Class M at 'Dsf'; RE 0%;
--Class N at 'Dsf'; RE 0 %.

Classes A-1 and A-2 have repaid in full. Fitch does not rate class P. Fitch
previously withdrew the rating on classes X-1 and X-2.

Additional information on Fitch's criteria for analyzing fixed rate U.S. CMBS is
available in the Dec. 21, 2011 report, 'Surveillance Methodology for U.S.
Fixed-Rate CMBS Transactions', which is available at 'www.fitchratings.com'
under the following headers:

Structured Finance >> CMBS >> Criteria Reports

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:
--'Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions' dated Dec.
21, 2011;
--'Global Structured Finance Rating Criteria' dated June 6, 2012.

Applicable Criteria and Related Research:
Surveillance Methodology for U.S. Fixed-Rate CMBS Transactions
Global Structured Finance Rating Criteria

Our Standards:The Thomson Reuters Trust Principles.
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