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Rating Action:

Moody's takes action on 24 Bayview BCAT small business loan ABS

13 Apr 2011

Approximately $3.3 billion of asset-backed securities affected

New York, April 13, 2011 -- Moody's Investors Service has downgraded 167 tranches in 22 securitizations of small business loans issued by Bayview Commercial Asset Trusts, upgraded nine tranches in five securitizations, and confirmed 11 tranches in four securitizations. The master servicer is Wells Fargo Bank. The loans are secured primarily by small commercial real estate properties owned by small businesses and investors.

RATING RATIONALE

The downgrade actions resulted from significant deterioration in collateral performance. Over the last 12 months, cumulative net charge-offs and 60+ delinquencies, including amounts in foreclosure and REO, have increased substantially. As of the February 2011 distribution date, cumulative net charge-offs in the 2005 and later vintages ranged between approximately 6% and 11% of the original pool balance, and 60+ delinquencies for the same vintages ranged between 17% and 28% of the current pool balance. Since the last rating action in February 2009, the weighted average 60+ delinquencies increased from 18% of the current pool balance to 25% as of the February 2011 distribution date. In addition, loss severities on foreclosed properties liquidated in 2010 have increased substantially as compared to prior years.

The upgrades in select subordinate tranches in the 2003, 2004, 2005, and 2006 vintages deals were prompted by a build-up in credit enhancement from reserve accounts and/or overcollateralization in combination with stable to relatively muted deterioration in collateral performance.

The methodology used in these rating actions included projections of the expected losses and analysis of the available credit enhancement. Because typical small business loan securitizations have either a long-dated or no hard charge-off policy, they may build up significant delinquency pipelines. In projecting expected losses for the current rating actions, Moody's used representative delinquency roll rates and an assumed loss severity of 75% for a period of economic stress assumed to be 12 months and 40% thereafter. Determining factors for the Aaa volatility proxies were the credit quality of the collateral pool, the historical variability in losses experienced by the issuer, assessed servicer quality as well as industrial, geographical and obligor concentrations.

Primary sources of assumption uncertainty are the general economic environment, commercial property values, and the ability of small businesses to recover from the recession. If the remaining expected losses used in determining the ratings were increased by 20% (e.g., from 10% to 12%), the model-indicated rating output suggests that many of the Class A-1 tranches would be downgraded.

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

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction, and the due diligence reports had a neutral impact on the rating.

The complete rating actions are as follows:

Issuer: Bayview Commercial Asset Trust 2003-2

Lifetime Expected Loss: 5.00%; Aaa Volatility Proxy: 34%

Cl. M-2, Confirmed at Baa3 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. B, Upgraded to B1 (sf); previously on Feb 18, 2011 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: BayView Commercial Aset Trust 2004-1

Lifetime Expected Loss: 5.75%; Aaa Volatility Proxy: 32%

Cl. M-1, Upgraded to Aaa (sf); previously on Oct 23, 2007 Upgraded to Aa1 (sf)

Cl. B, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: BayView Commercial Asset Trust 2004-2

Lifetime Expected Loss: 7.00%; Aaa Volatility Proxy: 38%

Cl. M-1, Downgraded to Aa2 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa2 (sf); previously on Feb 18, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2004-3

Lifetime Expected Loss: 8.00%; Aaa Volatility Proxy: 36%

Cl. M-1, Upgraded to Aaa (sf); previously on Dec 22, 2004 Assigned Aa2 (sf)

Cl. M-2, Upgraded to A1 (sf); previously on Dec 22, 2004 Assigned A2 (sf)

Issuer: Bayview Commercial Asset Trust 2005-1

Lifetime Expected Loss: 10.00%; Aaa Volatility Proxy: 32%

Cl. M-1, Upgraded to Aaa (sf); previously on Mar 1, 2005 Assigned Aa1 (sf)

Cl. M-2, Upgraded to Aa1 (sf); previously on Mar 1, 2005 Assigned Aa2 (sf)

Cl. B-1, Upgraded to A1 (sf); previously on Mar 1, 2005 Assigned A2 (sf)

Issuer: Bayview Commercial Asset Trust 2005-2

Lifetime Expected Loss: 13.50%; Aaa Volatility Proxy: 38%

Cl. M-1, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Baa1 (sf); previously on Feb 18, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Baa3 (sf); previously on Feb 18, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba2 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B2 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: BayView Commercial Asset Trust 2005-3

Lifetime Expected Loss: 16.50%; Aaa Volatility Proxy: 42%

Cl. IO, Downgraded to Aa2 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-1, Downgraded to Aa2 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Aa2 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to A2 (sf); previously on Feb 18, 2011 Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A3 (sf); previously on Feb 18, 2011 Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa2 (sf); previously on Feb 18, 2011 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to B1 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2 (sf); previously on Feb 18, 2011 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Issuer: BayView Commercial Asset Trust 2005-4

Lifetime Expected Loss: 18.25%; Aaa Volatility Proxy: 46%

Cl. M-1, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to A1 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Baa1 (sf); previously on Feb 18, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Baa3 (sf); previously on Feb 18, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba2 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B1 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: BayView Commercial Asset Trust 2006-1

Lifetime Expected Loss: 16.25%; Aaa Volatility Proxy: 40%

Cl. M-1, Confirmed at Aa1 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Confirmed at Aa2 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Confirmed at Aa3 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Confirmed at A1 (sf); previously on Feb 18, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Confirmed at A2 (sf); previously on Feb 18, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Confirmed at A3 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Baa2 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2006-2

Lifetime Expected Loss: 18.75%; Aaa Volatility Proxy: 46%

Cl. M-1, Downgraded to Aa2 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to A3 (sf); previously on Feb 18, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Baa2 (sf); previously on Feb 18, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba1 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2006-3

Lifetime Expected Loss: 24.75%; Aaa Volatility Proxy: 48%

Cl. IO, Downgraded to Aa1 (sf); previously on Sep 21, 2006 Assigned Aaa (sf)

Cl. A-1, Downgraded to Aa1 (sf); previously on Sep 21, 2006 Assigned Aaa (sf)

Cl. A-2, Downgraded to Aa1 (sf); previously on Sep 21, 2006 Assigned Aaa (sf)

Cl. M-1, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa3 (sf); previously on Feb 18, 2011 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B3 (sf); previously on Feb 18, 2011 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2006-4

Lifetime Expected Loss: 25.25%; Aaa Volatility Proxy: 48%

Cl. M-1, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa1 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa2 (sf); previously on Feb 18, 2011 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B3 (sf); previously on Feb 18, 2011 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2007-1

Lifetime Expected Loss: 21.75%; Aaa Volatility Proxy: 46%

Cl. IO, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. SIO, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-1, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Aa3 (sf); previously on Feb 18, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa2 (sf); previously on Feb 18, 2011 Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B1 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to B3 (sf); previously on Feb 18, 2011 Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to B1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2007-2

Lifetime Expected Loss: 25.25%; Aaa Volatility Proxy: 48%

Cl. IO, Downgraded to A1 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-1, Downgraded to A1 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A1 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa3 (sf); previously on Feb 18, 2011 Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B1 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B2 (sf); previously on Feb 18, 2011 Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa3 (sf); previously on Feb 18, 2011 Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2007-3

Lifetime Expected Loss: 19.25%; Aaa Volatility Proxy: 48%

Cl. IO, Downgraded to Aa2 (sf); previously on Jun 13, 2007 Assigned Aaa (sf)

Cl. SIO, Downgraded to Aa2 (sf); previously on Jun 13, 2007 Assigned Aaa (sf)

Cl. A-1, Downgraded to Aa2 (sf); previously on Jun 13, 2007 Assigned Aaa (sf)

Cl. A-2, Downgraded to Aa2 (sf); previously on Jun 13, 2007 Assigned Aaa (sf)

Cl. M-1, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa2 (sf); previously on Feb 18, 2011 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Baa3 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Ba2 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to B1 (sf); previously on Feb 18, 2011 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B2 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B3 (sf); previously on Feb 18, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2007-4

Lifetime Expected Loss: 23.50%; Aaa Volatility Proxy: 46%

Cl. IO, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-1, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B1 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B2 (sf); previously on Feb 18, 2011 Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B3 (sf); previously on Feb 18, 2011 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa3 (sf); previously on Feb 18, 2011 Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2007-5

Lifetime Expected Loss: 26.50%; Aaa Volatility Proxy: 48%

Cl. A-4, Downgraded to B1 (sf); previously on Feb 18, 2011 Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B3 (sf); previously on Feb 18, 2011 Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to B1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa3 (sf); previously on Feb 18, 2011 Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2007-6

Lifetime Expected Loss: 22.50%; Aaa Volatility Proxy: 46%

Cl. A-4A, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade

Cl. A-4B, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to B2 (sf); previously on Feb 18, 2011 Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B3 (sf); previously on Feb 18, 2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa3 (sf); previously on Feb 18, 2011 Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Confirmed at Ca (sf); previously on Feb 18, 2011 Downgraded to Ca (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2008-1

Lifetime Expected Loss: 22.75%; Aaa Volatility Proxy: 46%

Cl. A-4, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba2 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B1 (sf); previously on Feb 18, 2011 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B2 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B3 (sf); previously on Feb 18, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa3 (sf); previously on Feb 18, 2011 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2008-2

Lifetime Expected Loss: 20.00%; Aaa Volatility Proxy: 44%

Cl. A-4A, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-4B, Downgraded to A3 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to B1 (sf); previously on Feb 18, 2011 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to B2 (sf); previously on Feb 18, 2011 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B3 (sf); previously on Feb 18, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Caa1 (sf); previously on Feb 18, 2011 Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa2 (sf); previously on Feb 18, 2011 Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa3 (sf); previously on Feb 18, 2011 Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ca (sf); previously on Feb 18, 2011 Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2008-3

Lifetime Expected Loss: 19.50%; Aaa Volatility Proxy: 44%

Cl. A-4, Downgraded to A2 (sf); previously on Feb 18, 2011 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to Baa3 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Ba2 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Downgraded to B2 (sf); previously on Feb 18, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to B3 (sf); previously on Feb 18, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Caa1 (sf); previously on Feb 18, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Caa2 (sf); previously on Feb 18, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa3 (sf); previously on Feb 18, 2011 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Bayview Commercial Asset Trust 2008-4

Lifetime Expected Loss: 15.50%; Aaa Volatility Proxy: 40%

Cl. M-1, Downgraded to Baa2 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to Baa3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. M-4, Confirmed at Ba2 (sf); previously on Feb 18, 2011 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Confirmed at Ba3 (sf); previously on Feb 18, 2011 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Confirmed at B1 (sf); previously on Feb 18, 2011 B1 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to B3 (sf); previously on Feb 18, 2011 B2 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Caa1 (sf); previously on Feb 18, 2011 B3 (sf) Placed Under Review for Possible Downgrade

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

Lifetime Expected Loss: 14.50%; Aaa Volatility Proxy: 46%

Cl. M-1, Upgraded to Aa1 (sf); previously on Apr 6, 2006 Assigned Aa2 (sf)

Cl. M-2, Upgraded to Aa2 (sf); previously on Apr 6, 2006 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa1 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba1 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

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

Lifetime Expected Loss: 19.75%; Aaa Volatility Proxy: 48%

Cl. M-3, Downgraded to A1 (sf); previously on Dec 20, 2006 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa1 (sf); previously on Feb 18, 2011 A1 (sf) Placed Under Review for Possible Downgrade

Cl. M-5, Downgraded to Baa2 (sf); previously on Feb 18, 2011 A2 (sf) Placed Under Review for Possible Downgrade

Cl. M-6, Downgraded to Ba1 (sf); previously on Feb 18, 2011 A3 (sf) Placed Under Review for Possible Downgrade

Cl. B-1, Downgraded to Ba3 (sf); previously on Feb 18, 2011 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. B-2, Downgraded to B1 (sf); previously on Feb 18, 2011 Baa3 (sf) Placed Under Review for Possible Downgrade

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Michael McDermitt
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Katherine Lew
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's takes action on 24 Bayview BCAT small business loan ABS
No Related Data.
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