Fitch Affirms 2 & Downgraded 6 from Bear Stearns ABS Trust 2005-1.

NEW YORK -- Fitch Ratings has taken rating actions on the following classes from Bear Stearns Asset Backed Securities Trust, series 2005-1:

--Class A affirmed at 'AAA';

--Class M1 affirmed at 'AA';

--Class M2 downgraded to 'BBB-' from 'A';

--Class M3 downgraded to 'BB' from 'A-';

--Class M4 downgraded to 'BB-' from 'BBB+';

--Class M5 downgraded to 'B' from 'BBB';

--Class M6 downgraded to 'CC' from 'BBB-', and assigned a Distressed Recovery (DR) rating of 'DR2'.

--Class M7 downgraded to 'CC' from 'B+'; and assigned DR rating of 'DR3'.

The mortgage pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on one- to four-family residential properties. At origination, approximately 13.68% of the loans may be subject to special rules, disclosure requirements and other provisions that were added to the federal Truth-in-Lending Act by the Home Ownership and Equity Protection Act (HOEPA) of 1994.

The affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $72.6 million of outstanding certificates. The downgraded classes reflect the deterioration in the relationship of CE to future loss expectations and affect approximately $43.2 million of outstanding certificates.

For the past year, the overcollateralization (OC) has been below the target amount due to losses exceeding excess spread. The decline of the OC has put negative pressure on the most subordinate bonds. As of the July 2007 remittance period, the 60+ delinquency (inclusive of foreclosures and REO) was 23.42% and the cumulative loss to date is 2.78%.

EMC Mortgage Corporation., rated 'RPS1' by Fitch, is the servicer for the above loans.

Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch ratings web site at www.fitchratings.com.

Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.