Six classes of Bear Stearns Commercial Mortgage Securities Inc. series 2001-Top 2 Trust Fund have been removed from Rating Watch Negative by Fitch Ratings.The affected securities are classes G, H, J, K, L, and M. Fitch also upgraded five classes in the deal and affirmed the ratings on four others. The watchlist removals were attributed to the resolution of the 1601 McCarthy loan. "Pursuant to the settlement terms, the trust will incur a 100% loss on the loan, which is expected to deplete the balance of the nonrated class N," the rating agency said. "Litigation expenses, which had caused interest shortfalls to the below-investment-grade classes, will no longer be passed through the trust." Fitch said it expects classes G through M to begin recovering interest immediately. It also reported that all litigation between the trust and the 1601 McCarthy borrower has been settled, and that "the trust is no longer exposed to a $33 million punitive damage claim." Fitch can be found online at http://www.fitchratings.com.

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