Fitch Downgrades Two Classes of Bleecker Structured Asset Funding, Ltd.

NEW YORK--(Business Wire)--
Fitch Ratings has downgraded two classes of notes issued by Bleecker Structured
Asset Funding, Ltd. (Bleecker) as follows:

--$6,211,877 class A-1 notes to 'CCC' from 'B-/DR2';

--$43,483,141 class A-2 notes to 'CCC' from 'B-/DR2'.

These rating actions are a result of the continued credit deterioration of the
portfolio with 42.7% of the portfolio downgraded a weighted average of 4.7
notches since the last rating action. This negative credit migration has left
60.6% of the portfolio now rated below investment grade, of which 39.1% is rated
'CCC' or lower. Additionally, 43.8%, or $25.7 million, of the current portfolio
is now considered defaulted per the transaction's governing documents, as
detailed on the May 2009 trustee report.

The par amounts of some of the downgraded assets within the portfolio have been
haircut for purposes of calculating the overcollateralization (OC) ratios
causing each of the OC ratios to further decline below their respective
covenants. The class A OC ratio has dropped to 63.1% versus a trigger of 106.5%
and the class B and class C OC ratios have decreased to 34.9% and 25.3%
respectively, as compared to their respective test limits of 110.5% and 102%.

The failure of the class A OC test, which began in March 2005, has cut off all
interest payments to the classes B, C, and D notes, and instead applied
available remaining interest and principal proceeds towards the reduction of the
class A-1 and A-2 notes principal, pro-rata. Although, to date approximately
86.2% of the original balance of the class A-1 and A-2 notes has paid down, the
credit enhancement available to both classes of notes has eroded. Fitch expects
both classes of notes to continue to receive their timely interest payments for
the foreseeable future. However, the class A-1 and the class A-2 notes will
likely experience some impairment of principal over the remaining life of the
transaction given the continued deterioration and performance expectation of the
portfolio.

Bleecker is a cash flow collateralized debt obligation (CDO), which closed on
March 28, 2000 and is managed by Clinton Group, Inc. The transaction declared an
event of default (EOD) on Aug. 31, 2003 due to a failure to maintain the
aggregate principal balance of all portfolio securities to be at least equal to
the aggregate outstanding balance of all rated notes. Bleecker has a current
portfolio comprised of 58.4% commercial and consumer asset-backed securities
(ABS), 18.2% residential mortgage-backed securities (RMBS), 17% of commercial
mortgage-backed securities (CMBS), and 6.4% of one credit tenant lease (CTL).

Fitch will continue to monitor and review this transaction for future rating
adjustments. Additional transaction information and historical data are
available on the Fitch Ratings web site at www.fitchratings.com. Fitch rates
structured finance CDOs under the 'Global Rating Criteria for Structured Finance
CDOs' dated Dec. 16, 2008 and also available at www.fitchratings.com.

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
Brian Vorderbrueggen, +1-212-908-9102
Kevin Kendra, +1-212-908-0760
Alina Pak, CFA, +1-312-368-3184 (Chicago)
Sandro Scenga, +1-212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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