Bear Stearns ABS Class Downgraded

Class BF of Bear Stearns Asset Backed Securities Inc. series 1999-2 has been downgraded from B2 to Ca by Moody's Investors Service.Moody's said the securitization is backed by fixed-rate and adjustable-rate subprime mortgage loans that have multiple originators, including ContiMortgage Corp., Amresco Residential Mortgage Corp., and Provident Funding Associates LP. Class BF, the subordinate fixed-rate certificate, was downgraded because the transaction has taken "significant losses" -- the fixed-rate pool had realized cumulative losses of 6.41% as of May 25 -- that have gradually eroded the overcollateralization, the rating agency said. Moody's can be found online at http://www.moodys.com.