Fitch Affirms BEA CBO 1998-2 Ltd./Corp.

CHICAGO--(Business Wire)--
Fitch Ratings has affirmed the classes of BEA CBO 1998-2 Ltd./Corp. (BEA 1998-2)
as follows:

--$864,693 class A-1 at 'AAA'; Outlook Stable;

--$1,360,722 class A-2 at 'AAA'; Outlook Stable.

Fitch has also affirmed and revised the $20,000,000 class A-3 to 'C/RR5' from
'C/DR5'.

BEA 1998-2 is a collateralized bond obligation (CBO) managed by Credit Suisse
Asset Management that closed on Dec. 3, 1998. The final maturity of the
transaction is Dec. 15, 2010. The remaining collateral of BEA 1998-2 is composed
of high yield corporate bonds. Payments are made semi-annually in June and
December and the reinvestment period ended in June 2003.

The transaction is currently in an event of default (EOD) due to the failure to
maintain an overcollateralization (OC) test at least equal to 90% of the OC
trigger. Although the class A-1 and A-2 are wrapped by Financial Security
Assurance Inc. (FSA), which was downgraded by Fitch to 'AA+' from 'AAA' and
remains on Rating Watch Negative, the affirmation of the classes reflects
Fitch's expectations that these notes will pay in full on the next payment date
in June 2009. As of the May 2, 2009 trustee report, there is $3.28 million in
the principal collections account.

The affirmation of class A-3 is based upon the continued lower recovery
expectations on the remaining securities in the portfolio and the significant
undercollateralization of the class. The class has been deferring interest
payments and the deferred interest balance currently stands at $6.3 million.
According to the trustee report, of the $12.6 million in collateral debt
securities, $8.4 million has defaulted and the remaining securities bear issuer
default ratings (IDRs) in the 'CCC' category or lower.

The ratings on the class A-1, A-2 and A-3 notes address the likelihood that
investors will receive full and timely payments of interest, as per the
governing documents, as well as the stated balance of principal by the legal
final maturity date.

The Distressed Recovery (DR) rating on the classes of notes has been revised to
RR to reflect Fitch's updated Rating Definitions Criteria released March 3,
2009.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. 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.

Fitch Ratings
Alina Pak, 312-368-3184, Chicago
Kevin Kendra, 212-908-0760, New York
or
Media Relations:
Sandro Scenga, 212-908-0278, New York
Email: sandro.scenga@fitchratings.com

Copyright Business Wire 2009