Fitch Places One Class of Bear Stearns 2004-BBA3 on Rating Watch Negative

Business Wire, Sept 23, 2008

NEW YORK -- Fitch Ratings places one class of Bear Stearns commercial mortgage pass-through certificate, series 2004-BBA3 on Rating Watch Negative as follows:

--$18.7 million class L rated 'BB '.

The Rating Watch Negative placement is a result of the upcoming maturity of the transaction's remaining loan, Riverside Center. The loan is scheduled to mature on Nov. 12, 2008 and has no extension options remaining. The most recent reported occupancy as of June 2008 is 91.4%, however Steve & Barry's (5.3%) has rejected their lease. Linens & Things (4.6%) is also a tenant but the store is not currently listed as a site to be closed. Although, A.C Moore Arts & Crafts is not collateral for the loan, their lease expires in December 2008 and it is uncertain at this time whether they intend to renew.

The Riverside Center loan is secured by a 633,503 square foot (sf) retail shopping center located in Utica, NY. The center is anchored by Wal-Mart, Lowe's, and BJ's Wholesale Club.

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