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Rating Action:

Moody's takes actions on Bayview's small business loan deals

18 Feb 2011

Approximately $2.8 billion of asset-backed securities affected

New York, February 18, 2011 -- Moody's Investors Service downgraded 70 tranches in ten securitizations of small business loans issued by Bayview Commercial Asset Trusts, placed under review for possible downgrade 101 tranches in 20 securitizations, and placed under review for possible upgrade 18 tranches in two Canadian transactions. The downgraded tranches remain under review for further possible downgrade. The loans are secured primarily by commercial real estate.

RATINGS RATIONALE

The downgrades and reviews for possible downgrade are caused by a significant deterioration in collateral performance. Over the last twelve months, cumulative net charge-offs and 60+ delinquencies, including amounts in foreclosure and REO, have increased substantially. As of the January 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 18% and 29% of the current pool balance. Since the last rating action in February 2009, the weighted average percent increase in 60+ delinquencies was approximately 20% as of the January 2011 distribution date. In addition, loss severities on the foreclosed properties have increased substantially during the last year.

In contrast, performance of the Canadian Bayview transactions has been significantly stronger than that of the U.S. transactions. As of the January 2011 distribution date, cumulative net charge-offs in these transactions were between 2.8% and 3.6% of the original pool balance, and 60+ delinquencies were between 6.0% and 12.5% of the current pool balance. Loss severities on the Canadian transactions have been substantially lower than those in the U.S. transactions. In addition, available credit enhancement in these transactions has built-up primarily as a result of increased overcollateralization, which has a non-declining target amount and will protect the noteholders from potential future losses.

The methodology used in these rating actions included an analysis of the collateral performance to arrive at a range of estimated lifetime net losses. This range was then evaluated against the available credit enhancement provided by the reserve accounts, overcollateralization, and excess spread. Sufficiency of coverage was considered 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.

During the review period, we will project expected net losses on the underlying pools of loans using delinquency roll rates and an estimate of market recoveries. The Aaa volatility proxies will also be determined. Driving factors in determining the Aaa volatility proxy for each deal are the credit quality of the collateral pool, the historical variability in losses experienced by the issuer, the servicer quality as well as the industrial, geographical and obligor concentrations.

Based on our revised expected losses and Aaa volatility proxies, Moody's will evaluate whether the available credit enhancement adequately protects investors against future collateral losses for given rating assignments.

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

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.

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. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The complete rating actions are as follows:

Issuer: Bayview Commercial Asset Trust 2003-2

Cl. M-1, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 30, 2010 Downgraded to Aa3 (sf)

Cl. M-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 30, 2010 Downgraded to Baa3 (sf)

Cl. B, B3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 30, 2010 Downgraded to B3 (sf)

Issuer: BayView Commercial Aset Trust 2004-1

Cl. B, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to Baa1 (sf)

Issuer: BayView Commercial Asset Trust 2004-2

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to Aa1 (sf)

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

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Oct 23, 2007 Upgraded to Baa1 (sf)

Issuer: Bayview Commercial Asset Trust 2005-2

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 29, 2005 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2005-3

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aaa (sf)

Cl. M-1, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aa1 (sf)

Cl. M-2, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aa2 (sf)

Cl. M-3, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Aa3 (sf)

.Cl. M-4, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned A1 (sf)

Cl. M-5, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned A2 (sf)

Cl. M-6, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned A3 (sf)

Cl. B-1, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Baa1 (sf)

Cl. B-2, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Oct 12, 2005 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2005-4

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 22, 2005 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2006-1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 8, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-2

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

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 1, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-3

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Aa2 (sf)

Cl. M-3, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned A1 (sf)

Cl. M-5, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned A2 (sf)

Cl. M-6, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned A3 (sf)

Cl. B-1, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Baa1 (sf)

Cl. B-2, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Sep 21, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2006-4

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aa2 (sf)

Cl. M-3, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned A1 (sf)

Cl. M-5, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned A2 (sf)

Cl. M-6, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned A3 (sf)

Cl. B-1, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Baa1 (sf)

Cl. B-2, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Nov 14, 2006 Assigned Baa3 (sf)

Issuer: BayView Commercial Asset Trust 2006-CAD1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Baa2 (sf)

Cl. B-3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 16, 2006 Assigned Baa3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-1

Cl. IO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. SIO, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. A-1, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. A-2, Aaa (sf) Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aaa (sf)

Cl. M-1, Downgraded to A2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aa1 (sf)

Cl. M-2, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aa2 (sf)

Cl. M-3, Downgraded to Baa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 20, 2007 Assigned Aa3 (sf)

Cl. M-4, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A2 (sf)

Cl. M-5, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-6, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. B-1, Downgraded to B1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. B-2, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Issuer: Bayview Commercial Asset Trust 2007-2

Cl. IO, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to A3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-2, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A2 (sf)

Cl. M-3, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-4, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-5, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-6, Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. B-1, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. B-2, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-3

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2007 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2007 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 13, 2007 Assigned Aa3 (sf)

Cl. M-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-5, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-6, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. B-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. B-2, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-4

Cl. IO, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-1, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-2, Aa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A2 (sf)

Cl. M-2, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-4, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-5, Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-6, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. B-1, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. B-2, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Issuer: Bayview Commercial Asset Trust 2007-5

Cl. A-4, Downgraded to Baa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa3 (sf)

Cl. M-1, Downgraded to Ba2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-2, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-3, Downgraded to B1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-4, Downgraded to B2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-6

Cl. A-4A, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. A-4B, Downgraded to A1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Aa1 (sf)

Cl. M-1, Downgraded to Baa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Downgraded to Ba3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-4, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-5, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Ca (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2007-CAD1

Cl. M-1, Aa1 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned Aa1 (sf)

Cl. M-2, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned Aa2 (sf)

Cl. M-3, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned Aa3 (sf)

Cl. M-4, A1 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Upgrade; previously on Mar 29, 2007 Assigned A2 (sf)

Cl. M-6, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. B-1, Baa2 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. B-2, Ba1 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. B-3, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Issuer: Bayview Commercial Asset Trust 2008-1

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

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-4, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-5, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-6, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. B-1, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-2

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

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

Cl. M-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-2, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-3, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba1 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Downgraded to B3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, Downgraded to Caa1 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, Downgraded to Caa2 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, Downgraded to Caa3 (sf) and Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-3

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

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa3 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, B1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

Issuer: Bayview Commercial Asset Trust 2008-4

Cl. M-1, A3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to A3 (sf)

Cl. M-2, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa1 (sf)

Cl. M-3, Baa2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Baa2 (sf)

Cl. M-4, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba2 (sf)

Cl. M-5, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to Ba3 (sf)

Cl. M-6, B1 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B1 (sf)

Cl. B-1, B2 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B2 (sf)

Cl. B-2, B3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 23, 2009 Downgraded to B3 (sf)

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

Cl. M-4, A3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 6, 2006 Assigned Baa3 (sf)

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

Cl. M-4, A1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned A1 (sf)

Cl. M-5, A2 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned A2 (sf)

Cl. M-6, A3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned A3 (sf)

Cl. B-1, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Baa1 (sf)

Cl. B-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 20, 2006 Assigned Baa3 (sf)

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
Irina Faynzilberg
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 actions on Bayview's small business loan deals
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