TEXT-Moody's release on Bear Stearns Structured Products

(The following statement was released by the rating agency)

Approximately $652 Million of Debt Securities Affected

May 15 - Moody's Investors Service has assigned Aaa ratings to notess issued in connection with the Bear Stearns Structured Products Inc. Trust Notes, Series 2008-R2 transaction.

The notes are backed by residential mortgage-backed certificates collateralized by Alt-A residential mortgage loans.

The ratings on the notes are based primarily on the Moody's rating of the underlying securities. The ratings address the payment of promised interest and principal on the rated notes and do not address any other amounts payable thereon.

On March 11, 2008, Moody's announced that it is reviewing Alt-A backed RMBS as part of its on-going ratings surveillance process and that it had begun releasing rating actions based on this review.

The ratings on the notes are not an affirmation of the ratings of the underlying certificates. Any rating action on the underlying certificates following the issuance of the notes would likely trigger a review of the ratings on the notes. As a result, the volatility of the ratings on the notes is linked to the rating of the underlying certificates generally.

THE COMPLETE RATING ACTIONS ARE AS FOLLOWS: Issuer: Bear Stearns Structured Products Inc. Trust Notes, Series 2008-R2 Cl. I-A-1, Assigned Aaa Cl. I-A-2, Assigned Aaa Cl. 2-A-1, Assigned Aaa Cl. 2-A-2, Assigned Aaa