Bear Stearns CMBS Class Downgraded

Class L of Bear Stearns commercial mortgage pass-through certificates series 2004-BBA3 has been downgraded from BBB-minus to BB-plus and removed from Rating Watch Negative by Fitch Ratings.In addition, class K of the transaction was placed on Rating Watch Negative and the ratings on six other classes were affirmed. The negative rating actions were attributed to a deterioration in the performance of the three remaining loans: Riverside Center shopping center in Utica, N.Y.; Sheffield Office Park in Troy, Mich.; and Capital Partners Office Portfolio, secured by eight cross-collateralized and cross-defaulted office buildings in Jacksonville, Fla.