Bear CMBS Class Downgraded

Class K of Bear Stearns commercial mortgage pass-through certificates series 2004-BBA3 has been downgraded from BBB to BBB-minus by Fitch Ratings and removed from Rating Watch Negative.Fitch also upgraded one class in the transaction and affirmed the ratings on three other classes. The downgrade was taken due to continued deterioration in the performance of the two remaining loans: Riverside Center shopping center in Utica, N.Y., and Sheffield Office Park in Troy, Mich., the rating agency said.