Fitch Ratings Affirms BSCMSI 2007-PWR18; Assigns Outlooks

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms and assigns Outlooks Bear Stearns Commercial Mortgage Securities Trust (BSCMSI) 2007-PWR18 as follows:

--$69.3 million class A-1 at 'AAA' Outlook Stable;

--$291.9 million class A-2 at 'AAA' Outlook Stable;

--$269.7 million class A-3 at 'AAA' Outlook Stable;

--$131.9 million class A-AB at 'AAA' Outlook Stable;

--$710.0 million class A-4 at 'AAA' Outlook Stable;

--$271.9 million class A-1A at 'AAA' Outlook Stable;

--$211.6 million class A-M at 'AAA' Outlook Stable;

--$38.9 million class A-MA at 'AAA' Outlook Stable;

--$182.5 million class A-J at 'AAA' Outlook Stable;

--$33.6 million class A-JA at 'AAA' Outlook Stable;

--Interest only class X-1 at 'AAA' Outlook Stable;

--Interest only class X-2 at 'AAA' Outlook Stable;

--$25.0 million class B at 'AA+' Outlook Stable;

--$25.0 million class C at 'AA' Outlook Stable;

--$18.8 million class D at 'AA-' Outlook Stable;

--$25.0 million class E at 'A+' Outlook Stable;

--$18.8 million class F at 'A' Outlook Stable;

--$25.0 million class G at 'A-' Outlook Stable;

--$21.9 million class H at 'BBB+' Outlook Stable;

--$18.8 million class J at 'BBB' Outlook Stable;

--$25.0 million class K at 'BBB-' Outlook Stable;

--$9.4 million class L at 'BB+' Outlook Stable;

--$9.4 million class M at 'BB' Outlook Stable;

--$9.4 million class N at 'BB-' Outlook Stable;

--$6.3 million class O at 'B+' Outlook Stable;

--$3.1 million class P at 'B' Outlook Stable;

--$3.1 million class Q at 'B-' Outlook Stable.

The $40.7 million class S is not rated by Fitch.

The rating affirmations are the result of stable performance since issuance in December 2007. As of the September 2008 remittance, the transaction has paid down 0.2% to $2.496 billion from $2.502 billion at issuance. Loan maturities range from 2012 to 2018 with 68.9% of the pool scheduled to mature in 2017. Rating Outlooks reflect the likely direction of any rating changes over the next one to two years.

Three loans maintain their investment grade shadow ratings: GGP Portfolio - Columbia Mall (6.2%), Aviata Apartments (1.1%) and Westridge Square Shopping Center (0.9%). The GGP Portfolio - Columbia Mall is a 406,252 square foot (sf), retail mall located in Columbia, MO. Occupancy as of Dec. 31, 2007 was 98% up from issuance occupancy 97%. Year-end (YE) 2007 servicer reported debt service coverage ratio (DSCR) on net operating income (NOI) was 2.18 times (x) compared to 2.33x at issuance. The Aviata Apartments is a 456 unit multifamily property located in Las Vegas, Nevada. Occupancy as of Dec. 31, 2007 was 96% up from issuance occupancy 95%. YE 2007 servicer reported DSCR on NOI was 1.85x compared to 2.19x at issuance. The Westridge Square Shopping Center is a 251,676 sf, retail mall located in Frederick, MD. Occupancy as of Dec. 31, 2007 was 88% down from issuance occupancy 95%. YE 2007 servicer reported DSCR on NOI was 2.05x compared to 2.48x at issuance.

Fitch has identified four Loans of Concern (2.7%). The largest Fitch Loan of Concern (1.9%) is secured by a mixed use property located in Brooklyn, NY. The property was in a lease up period during 2007. Occupancy as of YE 2007 was 91% and YE 2007 DSCR on NOI of 0.98x.

The second largest Loan of Concern (0.4%) is secured by a retail and condominium property located in Scottsdale, AZ. The borrower is delinquent on quarterly condominium fees and the loan is expected to transfer to special servicing.

The remaining loans of concerns are due to low DSCR. Fitch will continue to monitor these loans.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.