Fitch Upgrades 1 Class of Bear Stearns 2000-WF2

CHICAGO--()--Fitch Ratings has upgraded one class and affirmed three classes of Bear Stearns Commercial Mortgage Securities Trust (BSCMS) commercial mortgage pass-through certificates series 2000-WF2. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation of class E and the upgrade of class F are the result of sufficient credit enhancement in light of significant pool concentration as only 25 loans remain. The overall pool performance has been stable with minimal losses since Fitch's last rating action.

Fitch modeled losses of 1.7% of the remaining pool; expected losses on the original pool balance total 2.2%, including $17.7 million (2.1% of the original pool balance) in realized losses to date. Fitch has designated three loans (6.2%) as Fitch Loans of Concern, which does not include any specially serviced loans.

As of the February 2014 distribution date, the pool's aggregate principal balance has been reduced by 95.7% to $35.7 million from $838.5 million at issuance. Per the servicer reporting, seven loans (48.9% of the pool) are defeased. Interest shortfalls are currently affecting classes J through N.

RATING SENSITIVITY

The ratings on classes E and F are expected to remain stable, as credit enhancement remains high, which offsets the increasing concentrations and continued risk of adverse selection. In addition, there is adequate defeased collateral to pay down these bonds in full at these loans' maturity dates in 2014, 2015 and 2020. Classes L and M will remain at 'Dsf' as losses have been realized.

Fitch upgrades the following class as indicated:

--$7.3 million class F to 'AAAsf' from 'Asf', Outlook Stable.

Fitch affirms the following classes as indicated:

--$942,652 class E at 'AAAsf', Outlook Stable;

--$0 class L at 'Dsf', RE 0%;

--$0 class M at 'Dsf', RE 0%.

The class A-1, A-2, B, C, and D certificates have paid in full. Fitch does not rate the class G, H, I, J, K and N certificates. Fitch previously withdrew the rating on the interest-only class X certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions is available in the Dec. 11, 2013 report, 'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria', which is available at 'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 11, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724961

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824352

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst:
R. Brook Sutherland, +1-312-606-2346
Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
R. Brook Sutherland, +1-312-606-2346
Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com