Fitch Downgrades BSCMS 2006 PWR14; Assigns Loss Severity Ratings

CHICAGO--(Business Wire)--
Fitch Ratings has downgraded, removed from Rating Watch Negative, and assigned
Rating Outlooks and Loss Severity (LS) ratings to 14 classes of commercial
mortgage pass-through certificates from Bear Stearns Commercial Mortgage
Securities Trust 2006-PWR14. A detailed list of rating actions follows at the
end of this release.

The downgrades are the result of loss expectations and reflect Fitch's
prospective views regarding commercial real estate market value and cash flow
declines. Fitch foresees potential losses could reach as high as 6.23% for this
transaction should market conditions not recover. Today's rating actions are
based on losses of 5.73%, including 100% of the term losses and 25% of the
losses anticipated to occur at maturity; the 5.73% recognizes all of the losses
anticipated in the next five years. Of the recognized losses, 45.4% were on
loans reviewed in detail.

Given the significant remaining term to maturity, Fitch's actions today do not
account for the full magnitude of possible maturity losses. The bonds with
Negative Outlooks indicate classes that may be downgraded in the future should
full potential losses be realized.

Fitch analyzed the transaction and calculated expected losses by assuming cash
flows on each of the properties decline 15% from year-end (YE) 2007 and property
values decline 35% from issuance. These loss estimates were reviewed in more
detail for certain loans representing 62.6% of the pool and, in some cases,
revised based on additional information and/or property characteristics.

Approximately 12.8% of the mortgages mature within the next five years as
follows: 0% in 2010, 9.6% in 2011, 0.2% in 2012, 2.9% in 2013, and 0.1% in 2014.
All losses associated with these loans are fully recognized in the rating
actions.

Fitch identified 47 Loans of Concern (19.9%) within the pool, 10 of which (5.9%)
are specially serviced. Of the specially serviced loans, two (4.1%) are current.
Of the current loans, Phillips at Sunrise Shopping Center is expected to be
transferred back to the master servicer. Two (4.1%) of the specially serviced
loans, including the Phillips at Sunrise, are within the transaction's top 15
loans (35%) by unpaid principal balance.

Seven of the loans (13.2%) within the top 15 are expected to default during the
term, with loss severities ranging from 18% to 31%. The largest contributors to
loss are as follows: Phillips at Sunrise Shopping Center (2.7%), Sycamore Center
(2.7%) and Drury Inn Portfolio (1.4%)

Phillips at Sunrise Shopping Center is a 414,082 sf retail center located in
Massapequa, NY. The property was approximately 100% occupied at issuance but
recently lost Circuit City following the company's bankruptcy. As of an April
2009 rent roll, the property was approximately 78.9% leased. The loan has been
in special servicing since March 2009 after the borrower requested relief when a
major tenant filed bankruptcy. Per the special servicer, the property is in good
condition and the loan is expected to transfer back to the master servicer
within 30-45 days. As of September 2008, the reported DSCR was approximately
1.29 times (x). The sponsors are Philip Pilevsky and Norman Stark.

Sycamore Center is a 384,239 sf retail center located in Cincinnati, OH. At
issuance the property was 100% occupied. As of a July 2009 rent roll, the
property is approximately 88% leased. The loan was structured with five years
interest only, followed by amortization on a 30-year schedule. As of the first
quarter of 2009 1Q'09, the DSCR was 1.27x, compared to 1.46x as of YE 2008. The
sponsors are Richard Pachulski, Isaac Pachulski, A. Stuart Rubin and Nathan
Rubin.

The Drury Inn Portfolio includes three hotels and 453 units under the Best
Western and Drury Inn Flags. The hotels are located in San Antonio and
Albuquerque. Performance and cash flow continue to decline. As of September
2008, the portfolio reported a DSCR of 1.93x compared to the current 1Q'09 DSCR
of 0.99x. The occupancies for the first quarter 2009 range between 48.3% and
71.7%, all lower than first quarter 2008.

Fitch has downgraded, removed from Rating Watch Negative and assigned Rating
Outlooks, LS and Recovery Ratings (RRs) as indicated:

--$222.1 million class A-J to 'BBB/LS3' from 'AAA'; Outlook Stable;

--$46.3 million class B to 'BB/LS5' from 'AA+'; Outlook Negative;

--$24.7 million class C to 'BB/LS5' from 'AA-'; Outlook Negative;

--$37 million class D to 'B/LS5' from 'A'; Outlook Negative;

--$21.6 million class E to 'B/LS5' from 'A-'; Outlook Negative;

--$24.7 million class F to 'B-/LS5' from 'BBB+'; Outlook Negative;

--$24.7 million class G to 'B-/LS5' from 'BBB'; Outlook Negative;

--$24.7 million class H to 'B-/LS5' from 'BBB-'; Outlook Negative;

--$9.3 million class J to 'B-/LS5' from 'BB+'; Outlook Negative;

--$6.2 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

--$9.3 million class L to 'B-/LS5' from 'BB-'; Outlook Negative;

--$3.1 million class M to 'B-/LS5' from 'B+'; Outlook Negative;

--$6.2 million class N to 'B-/LS5' from 'B'; Outlook Negative;

--$6.2 million class O to 'CCC/RR6' from 'B-'.

Additionally, Fitch has affirmed the following classes and Rating Outlooks and
assigned LS ratings as indicated:

--$75.1 million class A-1 at 'AAA/LS1'; Outlook Stable;

--$170.7 billion class A-2 at 'AAA/LS1'; Outlook Stable;

--$68.9 million class A-3 at 'AAA/LS1'; Outlook Stable;

--$125.1 million class A-AB at 'AAA/LS1'; Outlook Stable;

--$950.9 billion class A-4 at 'AAA/LS1'; Outlook Stable;

--$295.6 million class A-1A at 'AAA/LS1'; Outlook Stable;

--$246.8 million class A-M at 'AAA/LS3'; Outlook Stable.

Fitch does not rate the following classes:

--$25 million class P.

Additional information on Fitch's amended criteria for analyzing recent vintage
U.S. CMBS is provided in the July 8, 2009 report, 'Surveillance Methodology for
Recent Vintage U.S. CMBS' and is available at www.fitchratings.com under the
following headers:

Structured Finance >> CMBS >> Criteria Reports

Fitch will release a report titled 'Bear Stearns Commercial Mortgage Securities
Trust 2006-PWR14' that will contain a graph of revised loss expectations for the
transaction on Fitch's web site at www.fitchratings.com under the following
headers:

Structured Finance >> CMBS >> Special Reports

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, New York
Jeff Watzke, +1-312-606-2358 (Chicago)
Britt Johnson, +1-312-606-2341 (Chicago)
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

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