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Announcement:

Moody's places Bayview's small business ABS on review for possible downgrade

10 Feb 2012

Approximately $4.6 billion of asset-backed securities affected

New York, February 10, 2012 -- Moody's Investors Service placed on review for possible downgrade the ratings on 231 tranches in 23 securitizations of small business loans issued by Bayview Commercial Asset Trusts and Bayview Commercial Mortgage Pass-Through Trusts. The master servicer is Wells Fargo Bank. Commercial real estate primarily secures the loans. The largest property types in these deals are multifamily, retail, mixed use, and office properties.

RATING RATIONALE

Three factor prompted the review actions: 1) decreases in credit enhancement resulting from collateral losses, 2) continued high delinquencies, and 3) interest shortfalls. Collateral losses have continued to be fairly substantial, with severities increasing to over 70% on liquidated loans in the past year. The losses have eroded the amount of credit enhancement available to protect bondholders from future collateral losses.

Despite loan liquidations, delinquency levels remain at prolonged high levels, indicating that new delinquencies are still occurring, which will lead to further losses. Over the past twelve months, delinquencies 60 days or more past due, including foreclosure and REO, have declined slightly for some deals but have most recently increased again and have generally remained between 15%-25% of the outstanding pool balances. Most deals have had delinquencies levels consistently in this high range over the last two years.

Additionally, substantial loan modifications of approximately 35%-50% of the outstanding pool balances, in most cases involving interest rate reductions, have decreased the collateral weighted average coupon, contributing to interest shortfalls on notes in nine deals. High levels of modified loans also pose risk because modified loans tend to have a higher re-default rate than do non-modified loans.

These review actions used a methodology that includes an analysis of the loan collateral to arrive at a range of preliminary estimated lifetime net losses. Moody's evaluated this range of net losses against the available credit enhancement provided by subordination and excess spread as well as a reserve account or overcollateralization. In the actions, Moody's considered sufficiency of coverage in light of the credit quality of the collateral pool, industry, geographical and loan concentrations, historical variability of losses experienced by the issuer, and servicer quality.

The ratings for tranches issued by Bayview Commercial Asset Trusts and Bayview Commercial Mortgage Pass-Through Trusts were assigned in line with Moody's existing methodology described in the preceding paragraph. Moody's noted that on November 22, 2011, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating methodology for interest-only securities. If the revised methodology is implemented as proposed, the ratings on interest-only tranches may be negatively affected. Please refer to Moody's Request for Comment, titled "Proposal Changing the Global Rating Methodology for Structured Finance Interest-Only Securities," for further details regarding the implications of the proposed methodology changes on Moody's ratings.

During the review period, Moody's will evaluate whether or not the available credit enhancement for each tranche adequately protects investors against future collateral losses for a given rating based on Moody's revised expected losses. Moody's will project expected losses on the underlying pools of loans using delinquency roll rates and an estimate of recoveries. The expected net losses will incorporate a different likelihood of re-defaults on modified loans as compared with the likelihood of defaults on non-modified loans. Moody's will also investigate the impact of the interest shortfalls, including exploring the nature of the legal promise and likelihood of ultimate recovery.

Primary sources of assumption uncertainty are the general economic environment, commercial property values, and the ability of small businesses to recover from the recession.

Other methodologies and factors that Moody's may have considered in the process of rating these transactions appear on Moody's website. Further information on Moody's analysis of this transaction is available on www.moodys.com.

The complete rating actions are as follows:

Issuer: Bayview Commercial Asset Trust 2003-2

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 6, 2003 Assigned Aaa (sf)

Cl. A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 6, 2003 Assigned Aaa (sf)

Cl. M-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Baa3 (sf)

Cl. B, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to B1 (sf)

Issuer: BayView Commercial Aset Trust 2004-1

Cl. M-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to Aaa (sf)

Cl. M-2, A1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to A1 (sf)

Cl. B, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Issuer: BayView Commercial Asset Trust 2004-2

Cl. M-1, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa2 (sf)

Cl. M-2, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. B-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Issuer: Bayview Commercial Asset Trust 2004-3

Cl. M-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to Aaa (sf)

Cl. M-2, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to A1 (sf)

Cl. B-1, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2004 Assigned Baa2 (sf)

Issuer: Bayview Commercial Asset Trust 2005-1

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 1, 2005 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 1, 2005 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 1, 2005 Assigned Aaa (sf)

Cl. M-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to Aaa (sf)

Cl. M-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to Aa1 (sf)

Cl. B-1, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to A1 (sf)

Cl. B-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 1, 2005 Assigned Baa1 (sf)

Issuer: Bayview Commercial Asset Trust 2005-2

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aaa (sf)

Cl. M-1, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. M-2, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. M-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa1 (sf)

Cl. M-5, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-6, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. B-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. B-2, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Issuer: BayView Commercial Asset Trust 2005-4

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aaa (sf)

Cl. M-1, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. M-2, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A1 (sf)

Cl. M-3, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. M-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa1 (sf)

Cl. M-5, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-6, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. B-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. B-2, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Issuer: BayView Commercial Asset Trust 2006-1

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aaa (sf)

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at A3 (sf)

Cl. B-1, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. B-2, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Issuer: Bayview Commercial Asset Trust 2006-2

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aaa (sf)

Cl. M-1, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa2 (sf)

Cl. M-2, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. M-3, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. M-5, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. M-6, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. B-1, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. B-2, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-3

Cl. IO, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa1 (sf)

Cl. A-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa1 (sf)

Cl. A-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa1 (sf)

Cl. M-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa1 (sf)

Cl. M-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-4, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. M-5, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-6, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-4

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aaa (sf)

Cl. M-1, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa1 (sf)

Cl. M-3, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. M-4, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. M-5, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-6, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-1

Cl. SIO, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. IO, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. A-1, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. A-2, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa3 (sf)

Cl. M-1, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. M-2, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. M-3, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-4, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. M-5, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. M-6, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. B-1, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. B-2, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-2

Cl. IO, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A1 (sf)

Cl. A-1, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A1 (sf)

Cl. A-2, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A1 (sf)

Cl. M-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-2, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-3, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. M-4, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. M-5, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. M-6, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. B-1, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. B-2, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-3

Cl. SIO, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa2 (sf)

Cl. IO, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa2 (sf)

Cl. A-1, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa2 (sf)

Cl. A-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Aa2 (sf)

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. M-2, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. M-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-5, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. M-6, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-4

Cl. IO, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. A-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. A-2, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. M-1, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-2, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. M-3, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. M-4, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. M-5, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. M-6, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. B-1, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Cl. B-2, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Issuer: Bayview Commercial Asset Trust 2007-5

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 1, 2007 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 1, 2007 Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 1, 2007 Assigned Aaa (sf)

Cl. A-4, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. M-1, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. M-2, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. M-3, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. M-4, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Cl. M-5, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Cl. M-6, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Cl. B-1, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Cl. B-2, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Issuer: Bayview Commercial Asset Trust 2007-6

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2007 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2007 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2007 Assigned Aaa (sf)

Cl. A-3A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2007 Assigned Aaa (sf)

Cl. A-3B, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2007 Assigned Aaa (sf)

Cl. A-4A, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. A-4B, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. M-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. M-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. M-3, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. M-4, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. M-5, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Cl. M-6, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Cl. B-1, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Cl. B-2, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Ca (sf)

Issuer: Bayview Commercial Asset Trust 2008-1

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 7, 2008 Assigned Aaa (sf)

Cl. A-2A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 7, 2008 Assigned Aaa (sf)

Cl. A-2B, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 7, 2008 Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jan 7, 2008 Assigned Aaa (sf)

Cl. A-4, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-1, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-2, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. M-3, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. M-4, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. M-5, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. M-6, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. B-1, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. B-2, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-2

Cl. SIO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 5, 2008 Assigned Aaa (sf)

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 5, 2008 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 5, 2008 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 5, 2008 Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Mar 5, 2008 Assigned Aaa (sf)

Cl. A-4A, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. A-4B, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A3 (sf)

Cl. M-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. M-2, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

Cl. M-3, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. M-4, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. M-5, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. M-6, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. B-1, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Cl. B-2, Ca (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ca (sf)

Issuer: Bayview Commercial Asset Trust 2008-3

Cl. SIO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 28, 2008 Assigned Aaa (sf)

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 28, 2008 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 28, 2008 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 28, 2008 Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Apr 28, 2008 Assigned Aaa (sf)

Cl. A-4, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A2 (sf)

Cl. M-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-2, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba2 (sf)

Cl. M-3, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. M-4, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B2 (sf)

Cl. M-5, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. M-6, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Cl. B-1, Caa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa2 (sf)

Cl. B-2, Caa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-4

Cl. SIO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 7, 2008 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 7, 2008 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 7, 2008 Assigned Aaa (sf)

Cl. A-3, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Jul 7, 2008 Assigned Aaa (sf)

Cl. A-4, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-1, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. M-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa3 (sf)

Cl. M-3, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Ba2 (sf)

Cl. M-5, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at Ba3 (sf)

Cl. M-6, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Confirmed at B1 (sf)

Cl. B-1, B3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B3 (sf)

Cl. B-2, Caa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Caa1 (sf)

Issuer: BayView Commercial Mortgage Pass-Through Trust 2006-SP1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Upgraded to Aa2 (sf)

Cl. M-3, A2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned A2 (sf)

Cl. M-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa1 (sf)

Cl. B-1, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. B-2, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Issuer: Bayview Commercial Mortgage Pass-Through Trust 2006-SP2

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Aaa (sf)

Cl. A, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Aaa (sf)

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Aa2 (sf)

Cl. M-3, A1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to A1 (sf)

Cl. M-4, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa1 (sf)

Cl. M-5, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Baa2 (sf)

Cl. M-6, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba1 (sf)

Cl. B-1, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to Ba3 (sf)

Cl. B-2, B1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 13, 2011 Downgraded to B1 (sf)

REGULATORY DISCLOSURES

Although the following credit ratings have been issued in a non-EU country which has not been recognized as endorsable at this date, these credit ratings are deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

Issuer: BayView Commercial Aset Trust 2004-1

Issuer: Bayview Commercial Asset Trust 2003-2

Issuer: BayView Commercial Asset Trust 2004-2

Issuer: Bayview Commercial Asset Trust 2004-3

Issuer: Bayview Commercial Asset Trust 2005-1

Issuer: Bayview Commercial Asset Trust 2005-2

Issuer: BayView Commercial Asset Trust 2005-4

Issuer: BayView Commercial Asset Trust 2006-1

Issuer: Bayview Commercial Asset Trust 2006-2

Issuer: Bayview Commercial Asset Trust 2006-3

Issuer: Bayview Commercial Asset Trust 2006-4

Issuer: Bayview Commercial Asset Trust 2007-1

Issuer: Bayview Commercial Asset Trust 2007-2

Issuer: Bayview Commercial Asset Trust 2007-3

Issuer: Bayview Commercial Asset Trust 2007-4

Issuer: Bayview Commercial Asset Trust 2007-5

Issuer: Bayview Commercial Asset Trust 2007-6

Issuer: Bayview Commercial Asset Trust 2008-1

Issuer: Bayview Commercial Asset Trust 2008-2

Issuer: Bayview Commercial Asset Trust 2008-3

Issuer: Bayview Commercial Asset Trust 2008-4

Issuer: BayView Commercial Mortgage Pass-Through Trust 2006-SP1

Issuer: Bayview Commercial Mortgage Pass-Through Trust 2006-SP2

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Katherine Lew
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Amelia (Amy) Tobey
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places Bayview's small business ABS on review for possible downgrade
No Related Data.
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