Fitch Affirms Bear Stearns, Series 2005-PWR7.

NEW YORK -- Fitch Ratings affirms Bear Stearns Commercial Mortgage Securities Trust's (Bear Stearns) commercial mortgage pass-through certificates, series 2005-PWR7 as follows:

--$36.9 million class A-1 at 'AAA';

--$188 million class A-2 at 'AAA';

--$106 million class A-AB at 'AAA';

--$527.7 million class A-3 at 'AAA';

--$85.7 million class A-J at 'AAA';

--Interest-only class X-1 at 'AAA';

--Interest-only class X-2 at 'AAA';

--$33.7 million class B at 'AA';

--$8.4 million class C at 'AA-';

--$15.5 million class D at 'A';

--$11.2 million class E at 'A-';

--$11.2 million class F at 'BBB+';

--$9.8 million class G at 'BBB';

--$12.7 million class H at 'BBB-';

--$4.2 million class J at 'BB+';

--$4.2 million class K at 'BB';

--$5.6 million class L at 'BB-';

--$4.2 million class M at 'B+';

--$1.4 million class N at 'B';

--$2.8 million class P at 'B-'.

Fitch does not rate the $14.1 million class Q certificates.

The rating affirmations reflect the stable pool performance and minimal paydown since issuance. As of the November 2006 distribution date, the pool has paid down 3.7% to $1.08 billion from $1.12 billion at issuance.

Fitch reviewed the credit assessments of the following loans: 405 Park Avenue (2.3%), 33 Route 304 (1.1%), Sam Moon Center II (1%), and Visalia Medical Clinic (0.7%). Based on their performance since issuance, all four loans maintain investment grade credit assessments.

The servicer-reported debt service coverage ratios (DSCRs) as of year-end (YE) 2005 based on net operating income (NOI) remained very strong for three of the four credit assessed loans: 405 Park Avenue, Sam Moon Center II, and Visalia Medical Clinic. Similarly, occupancy at each of the three properties has either improved or remained the same as issuance.

The second largest credit-assessed loan, 33 Route 304, however, has seen its third largest tenant, a La-Z-Boy franchisee (15.8% of net rentable area), file for bankruptcy and go dark. The franchisor, La-Z-Boy, has stepped in and executed a new one-year lease with the borrower while it searches for a replacement franchisee. As a result, physical occupancy dropped to 72.2% compared to 88% at issuance.

Several of the top 10 loans, including the Marquis Apartments (4.1%) and the Plaza on Richmond (2.5%), have experienced a decline in performance since issuance. The Marquis Apartments has seen YE 2005 NOI decline by 24.8% since issuance. Occupancy as of March 2006 dropped to 82% from 92.5% at issuance, but has since rebounded to 91% as of June 2006. The performance decline was attributed to management turnover in 2005 and early 2006, which has since stabilized. In addition, management is reportedly renovating larger blocks of units at a time, causing occupancy to remain below stabilized levels until such renovations are completed. While YE 2006 results are expected to improve, Fitch will continue to monitor this asset closely.

Performance of the Plaza on Richmond loan declined after the property suffered damage from a fire in May 2005. The servicer-reported YE 2005 figures showed a decline in NOI of 35.7% compared to issuance, with a corresponding DSCR of just 0.96 times (x). According to the master servicer, the borrower did not separate out expenses associated with repairing the affected units. Thus the reported NOI is not indicative of a decline in normal operations. Further, insurance proceeds were not received until early 2006. Figures reported for the period April through June 2006 indicate that recent performance has improved. Occupancy as of June 2006 returned to 85%, in line with issuance.

One loan (0.5%) is in special servicing, though no losses are currently

expected.

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