Bear Stearns Commercial Mtge Securities Tr 2002-PBW1 Rtd By Fitch.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 3, 2002

Bear Stearns Commercial Mortgage Securities Trust 2002-PBW1, commercial mortgage pass-through certificates are rated by Fitch as follows:

--$371,811,000 class A-1, 'AAA';

--$385,855,000 Class A-2, 'AAA';

--$921,174,883 Class X-1, 'AAA';

--$839,869,000 Class X-2, 'AAA';

--$26,483,000 Class B, 'AA';

--$31,089,000 Class C, 'A';

--$8,060,000 Class D, 'A-';

--$9,211,000 Class E, 'BBB+';

--$13,817,000 Class F, 'BBB';

--$13,817,000 Class G, 'BBB-';

--$16,120,000 Class H, 'BB+';

--$10,363,000 Class J, 'BB';

--$3,454,000 Class K, 'BB-';

--$5,757,000 Class L, 'B+';

--$9,211,000 Class M, 'B';

--$2,302,000 Class N, 'B-';

--$13,824,883 Class P, 'NR'.

All classes are privately placed pursuant to Rule 144A of the Securities Act of 1933. The certificates represent beneficial ownership interest in the trust, primary assets of which are 126 fixed rate loans having an aggregate principal balance of approximately $921 million, as of the cutoff date. (For a detailed description of Fitch's rating analysis, please see the Report titled Bear Stearns Commercial Mortgage Securities Trust 2002-PBW1 dated Sept. 16, 2002 available on Fitch's web site at 'www.fitchratings.com'.)