BSABS Inc. $375.7MM A-B Ctfs, Series 2005-SD2 Rated by Fitch.

NEW YORK -- Bear Stearns Asset Backed Securities (BSABS) Trust 2005-SD2, asset-backed certificates, series 2005-SD2 are rated by Fitch Ratings as follows:

Group 1 Certificates:

-- $170,763,000 classes I-A-1, I-A-2, I-A-3 'AAA';

-- $10,171,000 class I-M-1 'AA';

-- $3,423,000 class I-M-2 'A';

-- $1,956,000 class I-M-3 'A-';

-- $1,956,000 class I-M-4 'BBB+';

-- $1,956,000 class I-M-5 'BBB';

-- $978,000 class I-M-6 'BBB-'; and

-- $2,934,000 privately offered class I-B 'BB'.

Group 2 Certificates:

-- $160,278,000 class II-A 'AAA';

-- $11,529,200 class II-M-1 'AA';

-- $5,905,000 class II-M-2 'A';

-- $5,717,000 class II-M-3 'BBB'; and

-- $1,125,000 class II-B 'BBB-'.

The 'AAA' rating on the Group 1 certificates reflects the 14.05% credit enhancement provided by 5.20% class I-M-1, 1.75% class I-M-2, 1.00% class I-M-3, 1.00% class I-M-4, 1.00% class I-M-5, 0.50% class I-M-6, 1.50% class I-B, along with initial overcollateralization (OC) and monthly excess interest. The initial OC for the Group 1 certificates is 0.75% with a target OC of 2.10%. The 'AAA' rating on the Group 2 certificates reflects the 15.45% initial credit enhancement provided by 6.15% class II-M-1, 3.15% class II-M-2, 3.05% class II-M-3, 0.60% class II-B, along with initial OC and monthly excess interest. The initial OC for the Group 2 certificates is 1.55% with a target OC of 2.50%. In addition, the ratings on the certificates reflect the quality of the underlying collateral, and Fitch's level of confidence in the integrity of the legal and financial structure of the transaction.

The Group 1 mortgage pool consists of fixed-rate mortgage loans secured by first liens on one- to four-family residential properties, with an aggregate principal balance of $195,604,252. As of the cut-off date, April 1, 2005, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 83.73%, weighted average coupon (WAC) of 6.580%, and an average principal balance of $124,351. Single-family properties account for 88.35% of the mortgage pool, two- to four-family properties 3.01%, and condos 3.30%. Approximately 88.40% of the properties are owner occupied. The three largest state concentrations are California (16.73%), New York (7.15%) and Texas (6.82%).

The Group 2 mortgage pool consists of adjustable-rate mortgage loans secured by first liens on one- to four-family residential properties, with an aggregate principal balance of $ 187,458,778. As of the cut-off date, April 1, 2005, the mortgage loans had a weighted average LTV of 80.69%, WAC of 6.129%, and an average principal balance of $181,646. Single-family properties account for 78.22% of the mortgage pool, two- to four-family properties 3.17%, and condos 10.08%. Approximately 89.67% of the properties are owner occupied. The three largest state concentrations are California (15.56%), Florida (8.54%), and Illinois (5.36%).

None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the releases issued May 1, 2003 entitled, 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation' and Feb. 23, 2005 entitled, 'Fitch Revises RMBS Guidelines for Antipredatory Lending Laws', available on the Fitch Ratings web site at www.fitchratings.com.

Bear Stearns Asset Backed Securities I LLC deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. JPMorgan Chase Bank, N.A. will act as trustee. Wells Fargo Bank N.A., rated 'RMS1' by Fitch, will act as master servicer for this transaction.