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Rating Action:

MOODY'S UPGRADES THREE CLASSES AND DOWNGRADES ONE CLASS OF BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC., SERIES 2003-BBA1

10 May 2005
MOODY'S UPGRADES THREE CLASSES AND DOWNGRADES ONE CLASS OF BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC., SERIES 2003-BBA1

Approximately $323.6 Million of Structured Securities Affected

New York, May 10, 2005 -- Moody's Investors Service upgraded the ratings of three classes, downgraded the ratings of one class and affirmed the ratings of eight classes of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2003-BBA1 as follows:

-Class A-1, $47,451,243, Floating, affirmed at Aaa

-Class A-2, $250,045,000, Floating, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class X-3, Notional, affirmed at Aaa

-Class J-MM, $2,884,053, Floating, affirmed at Baa1

-Class K-MM, $2,753,767, Floating, affirmed at Baa2

-Class L-MM, $8,213,705, Floating, affirmed at Baa3

-Class J-GGP, $1,974,323, Floating, downgraded to Baa3 from Baa1

-Class J-KC, $5,284,458, Floating, upgraded to A2 from Baa1

-Class K-KC, $1,987,773, Floating, upgraded to A3 from Baa2

-Class L-KC, $2,976,580, Floating, upgraded to Baa1 from Baa3

The Certificates are collateralized by five whole mortgage loans and one senior participation interest. The loans range in size from 11.9% to 25.8% of the pool based on current principal balances. As of the April 14, 2005 distribution date the transaction's aggregate certificate balance has decreased by approximately 37.3% to $503.0 million from $802.5 million at securitization. Moody's rates pooled Classes A-1, A-2, X-1, X-2 and X-3 and rake classes pertaining to the Monmouth Mall Loan, the General Growth Portfolio Loan and the Kaiser Center Loan.

Moody's was provided with partial or full-year 2004 operating results for all six loans and/or participations. Moody's weighted average loan to value ratio ("LTV") is 66.6%, compared to 66.2% at origination. Classes A-1, A-2, X-1, X-2 and X3 have been affirmed due to stable pool performance. Classes J-MM, K-MM and L-MM have been affirmed due to the stable performance of the Monmouth Mall. Class J-GGP has been downgraded due to the poorer performance of the General Growth Portfolio. Classes J-KC, K-KC and L-KC have been upgraded due to the improved performance of Kaiser Center.

The largest exposure in the pool is a senior participation interest in the Westin St. Francis Loan ($130.0 million - 25.8%). The Westin St. Francis is a full-service hotel with 1,195 guestrooms, including 84 suites, located in San Francisco, California. The loan sponsors are Blackstone Real Estate Partners III L.P. and other Blackstone entities. At securitization, Moody's recognized occupancy of 76.0% and an ADR of $191.00, resulting in RevPAR of $143.25. For calendar year 2004, actual occupancy was 81.3% and the ADR was $170.08, resulting in RevPAR of $138.30, for a 3.5% decrease. Additionally, an increase in fixed charges contributed to the decrease in net cash flow. Moody's LTV is 69.0%, compared to 62.6% at securitization. Additional debt includes a $30.0 million B-Note and mezzanine debt in an original amount of $35.0 million.

The second largest exposure is the Monmouth Mall Loan ($107.3 million - 21.3%), which is secured by a first priority mortgage on a super-regional mall located in Eatontown, New Jersey. The mall is anchored by Macy's (parent Federated Department Stores, Inc.; Moody's senior unsecured Baa1 - on review for possible downgrade), Lord & Taylor (parent The May Department Stores Company; Moody's senior unsecured rating Baa2 - on review for possible downgrade), Boscov's and J.C. Penney (Moody's senior unsecured rating Ba1; stable outlook). The property contains a total of 1.4 million square feet, of which 1.0 million square feet serve as loan collateral. Macy's and J.C. Penney are anchor-owned stores. Monmouth Mall is the only regional mall in eastern Monmouth County and along with Freehold Raceway Mall, is one of only two malls in the county. As of April 2005, the collateral portion of the property was 96.1% occupied, compared to 96.5% at securitization. The loan sponsors are Vornado Realty L.P. (Moody's senior unsecured Baa2; stable outlook) and Charles Kushner. Moody's LTV is 63.8%, compared to 64.0% at securitization. There is additional debt in the form of mezzanine debt in an original amount of $27.6 million. Moody's current shadow rating is Baa3, the same as at securitization, resulting in the affirmation of Classes J-MM, K-MM and L-MM.

The third largest exposure is the General Growth Portfolio Loan ($76.0 million - 15.1%), which is secured by a first priority mortgage on three cross-collateralized and cross-defaulted regional malls. Century Plaza (742,305 square feet) is located in Birmingham, Alabama. Mall anchors include J.C. Penney, McRae's (parent Saks Incorporated; Moody's senior unsecured rating B1 -- on review direction uncertain) and Sears (anchor owned -- Moody's senior unsecured shelf Ba1 - stable outlook). A fourth vacant anchor was previously occupied by Rich's, which vacated in March 2004. As of December 2004 the collateral portion of the property was 73.1% occupied, compared to 98.8% at securitization. In-line comparable sales were $213 PSF in 2004, compared to $245 PSF at securitization. Eagle Ridge Mall (626,568 square feet) is located in Lake Wales, Polk County, Florida. The mall is anchored by J.C. Penney, Sears and Dillard's (anchor owned -- Moody's senior unsecured rating B2 - stable outlook). As of December 2004, the collateral portion of the property was 87.7% occupied, compared to 86.8% at securitization. In-line comparable sales were $273 PSF in 2004, compared to $259 PSF at securitization. Knollwood Mall (464,321 square feet) consists of a power center, an anchored strip center and an interior corridor mall located in the City of St. Louis Park, approximately six miles from downtown Minneapolis, Minnesota. The mall is anchored by Kohl's (Moody's senior unsecured rating A3 -- negative outlook), Cub Foods and T.J. Maxx (parent The TJX Companies, Inc.; Moody's senior unsecured rating A3; stable outlook). Since securitization T.J. Maxx moved into new space increasing its size by over 75.0%, leaving its former space vacant. As of December 2004 the property was 82.2% occupied (including the vacant former T.J. Maxx), compared to 97.5% at securitization. In-line comparable sales were $242 PSF in 2004, compared to $283 PSF at securitization. The loan sponsor is General Growth Properties, Inc. (Moody's senior unsecured shelf Ba2; stable outlook). Moody's LTV is 66.8%, compared to 60.6% at securitization. Moody's current shadow rating is Baa3, compared to A3 at securitization, resulting in the downgrade of Class J-GGP.

The fourth largest exposure is the First Colony Mall Loan ($67.0 million - 13.3%), which is secured by a first priority mortgage on a super-regional mall located in Sugar Land, Texas, 21 miles southwest of downtown Houston. The mall is anchored by Dillard's, Foley's (parent May Department Stores Company), J.C. Penney and Mervyn's. The property contains 1.0 million square feet, of which 294,355 square feet (all of the non-anchor in-line space) serves as collateral for the loan. As of September 2004, the mall was 89.5% occupied, compared to 85.8% at securitization. In-line comparable sales were $377 PSF in 2004, compared to $357 PSF at securitization. The loan sponsors are General Growth Properties, Inc. and the New York State Common Fund. Moody's LTV is 72.0%, compared to 73.7% at securitization.

The fifth largest exposure is the Kaiser Center Loan ($62.7 million - 12.5%), which is secured by a first priority mortgage on (1) a 28-story, Class A-/B+ office building (756,923 square feet) (2) an adjacent 128,236 square foot three-story mall/retail center with a five level parking garage and (3) a surface parking lot containing a total of 1,574 spaces. The properties are all located in the Lake Merritt submarket of the Oakland, California CBD. As of December 2004, the office building was 95.0% leased. Bay Area Rapid Transit is the largest tenant (32.0% of total building area), with rent commencements staged through 2005 and 2006 and with a lease expiration in 2014. The building is presently under contract for sale at a price well in excess of the outstanding trust asset principal balance. The loan sponsors are Jack. L. Mahoney, John S. Long, Steven A. Berlinger and Eugene S. Rosenfeld. Since securitization the loan balance has decreased approximately 8.7% due to the disbursement of reserved funds. Moody's LTV is 60.3%, compared to 68.0% at securitization. Moody's current shadow rating is Baa1, compared to Baa3 at securitization, resulting in the upgrade of Classes J-KC, K-KC and L-KC.

The sixth largest exposure is the Florence Mall Loan ($60.0 million -- 12.0%), which is secured by a first priority mortgage on a super-regional mall located in Florence, Kentucky (Cincinnati MSA). The mall is anchored by Sears, J.C. Penney, Lazarus (parent Federated Department Stores, Inc.) and Lazarus Home Store. The anchor stores are not part of the collateral. The mall includes 298,670 square feet of in-line mall space of which 85.1% was occupied as of December 2004. In-line tenant comparable sales were $366 per square foot in 2004, compared to $376 per square foot at securitization. The property is owned by affiliates of General Growth Properties, Inc. and the Illinois State Teachers' Retirement Fund. Moody's LTV is 67.1%, compared to 69.7% at securitization.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jay Rosen
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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