BSABS Inc. $617.3MM Asset-Backed Ctfs, Ser 2003-1, Rated By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 28, 2003

Bear Stearns Asset Backed Securities Inc.'s Asset-Backed Certificates, Series 2003-1, $534 million classes A-1, A-2, A-IO, R-1, R-2 and R-3 (senior certificates) are rated 'AAA' by Fitch Ratings (Fitch). In addition, the $30.9 million class M-1 certificates are rated 'AA', the $29.3 million class M-2 certificates are rated 'A', and the $23.2 million class B certificates are rated 'BBB' (subordinate certificates).

The 'AAA' rating on the senior certificates reflects the 13.50% subordination provided by the 5.00% class M-1, the 4.75% class M-2, and the 3.75% class B. Additional credit enhancement will be provided by growing overcollateralization resulting from the use of accelerated payment amounts which are derived from interest on the mortgage loans. The overcollateralization target is 1.65%. 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 mortgage pool consists primarily of seasoned fixed and adjustable-rate mortgage loans secured by first or more junior liens on one- to -four family residential properties with an aggregate principal balance of $617,348,209. As of the cut-off date of February 1, 2003, the mortgage loans had a weighted average loan-to-value ratio (LTV) of 82.23%, weighted average coupon (WAC) of 8.525%, weighted average remaining term (WAM) of 289 months and an average principal balance of $84,545. Single-family properties account for roughly 70.08% of the mortgage pool, 2-4 family properties 11.20%, and condos 5.06%. 89.73% of the properties are owner occupied. The four largest state concentrations are California 15.66%, New York 8.98%, Florida 8.20%, and New Jersey 6.51%.

Distributions of principal and interest will be made on the 25th day of each month commencing on March 25th, 2003. Interest and principal distributions will be made first to the holders of the senior certificates and will then be distributed sequentially among the subordinate certificates. Principal will not be distributed to the subordinate certificates until the required step down date has been reached and certain performance tests have been met.

Bear Stearns Asset Backed Securities, Inc. deposited the loans into the trust, which issued the certificates, representing beneficial ownership in the trust. For federal income tax purposes, the Trust Fund will consist of multiple real estate mortgage investment conduits (REMICs). J.P. Morgan Chase Bank will act as trustee, with Wells Fargo Bank Minnesota, N.A. as Master Servicer.