S&P Puts 3 Bear Stearns Com Mtg 2000-WF1 Rtgs on Wtch

NEW YORK--(BUSINESS WIRE)--Aug. 5, 2003--Standard & Poor's Ratings Services today placed its ratings on classes J, K, and L of Bear Stearns Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates series 2000-WF1 on CreditWatch negative (see list).

The CreditWatch placements reflect the fact that 2.36% of the pool's principal balance is being specially serviced. They also reflect the interest shortfalls that have accumulated on classes K and L. The interest shortfalls are primarily the result of appraisal subordinated entitlement reductions (ASERs). Standard & Poor's is currently reviewing the specially serviced loans, the timing of the interest shortfalls' possible recovery, as well as the pool's performance. The outcome of this review will determine whether the ratings on classes J, K, and L from this transaction will be lowered.

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In total, three loans account for $12.31 million, or 1.45% of the total principal that is delinquent. Two of the loans are generating the ASERs. The first includes a Furr's supermarket in Farmington, N.M. (principal balance of $5.36 million, 90-plus days delinquent). The property was appraised for $1.5 million in March 2003. The second loan is secured by the ISIS Theatre in Aspen, Colo. (principal balance of $5.36 million, 60 days delinquent). The property was appraised for $2.5 million in March 2003. Both loans were transferred to special servicing as the result of tenant bankruptcies.

In addition, two other loans totaling $6.65 million, or .91% of total principal balance, are current, but are being specially serviced. There are two loans on Wells Fargo Bank N.A.'s (the servicer) watchlist totaling $15.13 million, or 1.78%, of the total principal balance.

RATINGS PLACED ON CREDITWATCH

Bear Stearns Commercial Mortgage Securities Inc.
Commercial mortgage pass-through certs series 2000-WF1

              Rating
Class    To              From         Credit Support (%)
J        B+/Watch Neg    B+                        2.48
K        B/Watch Neg     B                         1.44
L        B-/Watch Neg    B-                        1.05