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Fitch Upgrades 4 Classes of Bear Stearns 1998-C1.

CHICAGO -- Fitch Ratings upgrades and removes from Rating Watch Positive three classes of Bear Stearns Commercial Mortgage Securities Corporation's commercial mortgage pass-through certificates, series 1998-C1, as follows:

-- $32.1 million class C to 'AAA' from 'AA';

-- $32.1 million class D to 'AA' from 'BBB+';

-- $8.9 million class E to 'A+' from 'BBB'.

Fitch upgrades the following classes:

-- $12.5 million class F to 'BBB+' from 'BB+';

-- $5.3 million class H to 'BB' from 'BB-'.

In addition, Fitch affirms the following classes:

-- $129.5 million class A-1 at 'AAA';

-- $417.2 million class A-2 at 'AAA';

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

-- $35.7 million class B at 'AAA'.

Fitch does not rate the $12.5 million class G, $17.9 million class I, $4.6 million class J, or $6 million class K.

The upgrades reflect increased credit enhancement levels due to defeasance, prepayments and scheduled amortization. Thirty-five loans (23.3%) have fully defeased to date. As of the April 2006 distribution date, the pool has paid down 15.4% to $604.5 million from $714.7 million at issuance.

Currently, three assets (1.3%) are in special servicing. The largest specially serviced loan (0.5%) is a retail property in Cedar City, UT. This loan is in non-monetary default as the borrower is clearing mechanics liens. The loan is expected to return to the master servicer. The second largest specially serviced asset (0.4%) is a hotel located in Ocean City, MD. The special servicer is determining workout options, including foreclosure. The third specially serviced asset (0.4%) is a real estate owned (REO) parking garage located in St. Paul, MN. The property is marketed for sale and a contract is being negotiated.

Losses are expected on one of the specially serviced assets; however, the non-rated classes are more than sufficient to absorb any losses.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.
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Publication:Business Wire
Date:Apr 25, 2006
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