TEXT-Fitch downgrades 3 classes of BSCMS 2007-PWR18

Wed Jan 30, 2013 5:38pm EST

Jan 30 - Fitch Ratings has downgraded three classes and affirmed 12 classes
of Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16 commercial
mortgage pass-through certificates. A detailed list of rating actions follows at
the end of this press release.

SENSITIVITY/RATING DRIVERS:
The downgrades reflect updated valuations for specially serviced loans and
modeled losses for Fitch Loans of Concern. Fitch modeled losses of 1.9% of the
remaining pool. Fitch's modeled losses based on the original pool balance is
1.3%, including 1.0% to date. Fitch has designated 11 loans (14.3% of the pool)
as Fitch Loans of Concern, which includes three specially serviced assets
(9.4%).

As of the January 2013 distribution date, the pool's aggregate principal balance
has been reduced by 30.8% to $800.3 million from $1.16 billion at issuance. Per
the servicer reporting, 13 loans (16.6% of the pool) are defeased. Interest
shortfalls are currently affecting classes L through P.

The largest contributor to expected losses is a loan (0.4% of the pool) secured
by a 43,927 square foot (sf) suburban office property located in Fort
Washington, PA (north of Philadelphia). The property has been struggling with
occupancy issues, with most recent occupancy of 32% as of third quarter 2012
(3Q'12). Vacant space is being marketed by an in-house leasing broker; however,
the borrower has indicated that the local leasing market remains stagnant.

The next largest contributor to expected losses is a loan (1.5% of the pool)
secured by a 81,204 sf medical office park located in West Seneca, NY (south of
Buffalo, NY). Per master servicer, expenses grew 88% from underwriting at
issuance to YE 2011 primarily due to higher real estate taxes, repair and
maintenance, and utilities. DSCR and occupancy were 0.70x and 84%, respectively,
as of 3Q'12.

The Congress Center Office Development, a 524,784 sf office building located in
Chicago, IL, is the largest loan in the pool (8.9%) and currently in special
servicing. However, per the special servicer the loan has recently been
modified, including an assumption by a new borrower and extended maturity and
interest-only periods.

Fitch downgrades the following classes as indicated:

--$11.6 million class G to 'Bsf' from 'BBsf', Outlook Negative;
--$4.3 million class K to 'CCsf' from 'CCCsf', RE 0%;
--$21,364 class N to 'Dsf' from 'Csf', RE 0%.

Fitch affirms the following classes as indicated:

--$15.8 million class A-5 at 'AAAsf', Outlook Stable;
--$676.1 million class A-6 at 'AAAsf', Outlook Stable;
--$20.2 million class B at 'AA+sf', Outlook Stable;
--$13 million class C at 'AAsf', Outlook Stable;
--$13 million class D at 'Asf', Outlook Stable;
--$15.9 million class E at 'BBBsf', Outlook Stable;
--$10.1 million class F at 'BBsf', Outlook Stable;
--$10.1 million class H at 'CCCsf', RE 95%;
--$2.9 million class J at 'CCCsf', RE 0%;
--$5.8 million class L at 'CCsf', RE 0%;
--$1.4 million class M at 'Csf', RE 0%;
--$0 class O at 'Dsf', RE 0%.

The class A-1, A-2, A-3 and A-4 certificates have paid in full. Fitch does not
rate the class P certificates. Fitch previously withdrew the rating on the
interest-only class X-1 certificates.

Additional information on Fitch's criteria for analyzing U.S. CMBS transactions
is available in the Dec. 18, 2012 report, 'U.S. Fixed-Rate Multiborrower CMBS
Surveillance and Re-REMIC Criteria', which is available at
'www.fitchratings.com' under the following headers:

Structured Finance >> CMBS >> Criteria Reports

Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria' (Dec.
18, 2012).

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
U.S. Fixed-Rate Multiborrower CMBS Surveillance and Re-REMIC Criteria
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