Fitch Affirms Bear Stearns 2000-WF2

CHICAGO--()--Fitch Ratings has affirmed three classes of Bear Sterns 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 F reflects its high credit enhancement and defeasance. Classes L and M have been affirmed at 'Dsf' as losses have been realized.

There are twenty one loans remaining in the pool, six (50.3%) of which are defeased. Fitch has designated four (3.3%) Fitch Loans of Concern; no loans are specially serviced.

Fitch modeled losses of 1.6% 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.

As of the January 2015 distribution date, the pool's aggregate principal balance has been reduced by 96.6% to $28.3 million from $838.5 million at issuance. Interest shortfalls are currently affecting classes J through N.

RATING SENSITIVITIES

The Rating Outlook on classes F remains Stable due to the anticipated paydown from maturing and defeased loans. Loans that mature in 2015 represent 61.1% of the pool.

Fitch affirms the following classes as indicated:

--$902,289 class F 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, D and E 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. 10, 2014 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' (Aug. 4, 2014);

--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec. 10, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=812608

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=979555

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Contacts

Fitch Ratings
Primary Analyst:
Daniel Anderson, +1-312-606-2305
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst:
Daniel Anderson, +1-312-606-2305
Associate Director
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson:
Mary MacNeill, +1-212-908-0785
Managing Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com