TEXT-Fitch downgrades 6 classes of BSCMT 2006-TOP24

Fri Feb 1, 2013 4:56pm EST

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Feb 1 - Fitch Ratings has downgraded six classes and affirmed 12 classes of
Bear Stearns Commercial Mortgage Securities Trust commercial mortgage
pass-through certificates, series 2006-TOP24 (BSCMT 2006-TOP24). A detailed list
of rating actions follows at the end of this press release.


The downgrades are primarily the result of higher than expected losses on the
Real Estate Owned (REO) $52.9 million Hilton Tapatio. The asset, which had been
REO since August 2010, was sold in January 2013 for just under $21 million.
While Fitch anticipated the low sale price, recoveries to the trust ($5.1
million) were lower than expected; related fees and expenses totaled $15.8
million which were not fully reported to Fitch at the last review by the special
servicer, C-III Asset Management LLC.

The downgrade to class A-J and the Negative Rating Outlook on the A-M classes
reflect the reduced credit enhancement and the thinness of the remaining

Based on the portfolio as of the January 2013 distribution date, Fitch's modeled
losses are 5.9% of the remaining pool; expected losses on the original pool
balance total 10.6%, including losses already incurred to date. Fitch has
designated 37 loans (18.4%) as Fitch Loans of Concern, which includes six loans
(4.1%) currently in special servicing.

Fitch downgrades the following classes and assigns Recovery Estimates (REs) as

--$101.7 million class A-J to 'CCCsf' from 'BBB-sf', RE 90%;
--$28.8 million class B to 'Csf' from 'CCCsf', RE 0%;
--$13.4 million class C to 'Csf' from 'CCsf', RE 0%;
--$0.7 million class E to 'Dsf' from 'Csf', RE 0%;
--$0 class F to 'Dsf' from 'Csf', RE 0%;
--$0 class G to 'Dsf' from 'Csf', RE 0%.

Fitch affirms the following classes as indicated:

--$33.9 million class A-3 at 'AAAsf'; Outlook Stable;
--$64.9 million class A-AB at 'AAAsf'; Outlook Stable;
--$715.3 million class A-4 at 'AAAsf'; Outlook Stable;
--$153.5 million class A-M at 'Asf'; Outlook Negative;
--$21.1 million class D at 'Csf'; RE 0%;
--$0 class H at 'Dsf'; RE 0%;
--$0 class J at 'Dsf'; RE 0%;
--$0 class K at 'Dsf'; RE 0%;
--$0 class L at 'Dsf'; RE 0%;
--$0 class M at 'Dsf'; RE 0%;
--$0 class N at 'Dsf'; RE 0%;
--$0 class O at 'Dsf'; RE 0%.

Classes A-1 and A-2 have paid in full. Classes X-1 and X-2 were previously
withdrawn and Class P is not rated.

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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