Fitch Upgrades 4 Classes of Bear Stearns Series 1999-WF2

Business Wire, Sept 23, 2008

NEW YORK -- Fitch Ratings upgrades Bear Stearns Commercial Mortgage Securities, commercial mortgage pass-through certificates, series 1999-WF2, as follows:

--$27 million class E to 'AAA' from 'AA ';

--$10.8 million class F to 'AA ' from 'AA';

--$21.6 million class G to 'A' from 'A-';

--$16.2 million class H to 'BBB' from 'BBB-'.

In addition, Fitch affirms the following:

--$343.5 million class A-2 at 'AAA';

--Interest only class X at 'AAA';

--$43.2 million class B at 'AAA';

--$43.2 million class C at 'AAA';

--$10.8 million class D at 'AAA';

--$8.1 million class I at 'BB';

--$9.5 million class J at 'B ';

--$10.8 million class K at 'B-'.

The $2.4 million class L remains at 'C/DR5'. Class A-1 has paid in full.

The upgrades reflect an additional 21.9% paydown since Fitch's last review and stable performance of the transaction. As of the September 2008 distribution date, the pool's aggregate principal balance has been reduced 49.4%, to $547.2 million from $1.08 billion at issuance. Forty loans (20.6%) have defeased. There are currently no delinquent or specially serviced loans.

There are 93 non-defeased loans (57.5%) scheduled to mature within the next 12 months. The loans have interest rates ranging from 5.70% to 8.99% and a servicer-reported weighted average debt service coverage ratio (DSCR) of 2.08 times (x).

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