(The following statement was released by the rating agency.) OVERVIEW
-- We lowered our ratings on three U.S. CMBS classes from Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6.
-- The downgrade of class M to 'D' follows a principal loss experienced by the class, which was detailed in the August 2010 remittance report.
-- The downgrades of classes K and L reflect credit support erosion.
Aug 19 - Standard & Poor's Ratings Services today lowered its ratings on three classes of commercial mortgage pass-through certificates from Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6, a U.S. commercial mortgage-backed securities (CMBS) transaction (see list). The downgrade of class M to 'D' follows a principal loss sustained by the class, which was detailed in the August 2010 remittance report. The class M certificate experienced reported losses totaling 67.5% of its $2.8 million opening certificate balance. To date, class N, which is not rated by Standard & Poor's, has lost 100% of its $11.2 million original certificate balance. The downgrades of classes K and L reflect credit support erosion due to the write-down of classes M and N. The principal loss and corresponding credit support erosion resulted from the liquidation of an asset that was with the special servicer, Berkadia Commercial Mortgage LLC. The Nortel Networks asset is a 281,758-sq.-ft. office property in Richardson, Texas. The asset had a total exposure of $28.6 million. The asset was transferred to the special servicer in September 2009 and became real estate owned (REO) in March 2010. The trust incurred a $12.0 million realized loss when the asset was liquidated during the August reporting period. Based on the August 2010 remittance report data, the loss severity for this asset was 44.2% (based on the asset's balance at the time of disposition). As of the August 2010 remittance report, the collateral pool consisted of 124 assets with an aggregate trust balance of $792.6 million, down from 150 assets totaling $1.12 billion at issuance. Two assets, totaling $4.8 million (0.6%), are with the special servicer. To date, the trust has experienced losses totaling $13.1 million on two assets. Based on the August 2010 remittance report, the weighted average loss severity for these assets was approximately 41.8%. RELATED CRITERIA AND RESEARCH
-- Principles-Based Rating Methodology For Global Structured Finance Securities, published May 29, 2007.
-- U.S. CMBS Rating Methodology And Assumptions For Conduit/Fusion Pools, published June 26, 2009. RATINGS LOWERED Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6
Rating Class To From Credit enhancement (%) K CCC B+ 0.82 L CCC- B 0.11 M D B- 0.00 Primary Credit Analyst: Gregory Ramkhelawan, CFA, New York (1) 212-438-3041;
firstname.lastname@example.org Secondary Credit Analyst: James Digney, New York (1) 212-438-1832;
email@example.com (New York Ratings Team, 646 223 6323; firstname.lastname@example.org, Reuters Messaging: email@example.com@reuters.net))