Press Release

DBRS Changes Trend to Negative for Two Classes of Bear Stearns 2007-TOP26

CMBS
March 04, 2009

DBRS today has changed the trend to Negative of the two lowest-rated classes in the Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP26 transaction, Class N and Class O. In addition, DBRS has confirmed all additional ratings with Stable trends.

The change in trends for the two classes is a result of concerns regarding the seven loans (4.4% of the transaction’s outstanding balance) found on the DBRS HotList and one of the two specially serviced loans, Prospectus ID#118 (The Plaza at Jordan Creek Crossing, 0.2%). This loan is secured by a mixed-use building located in West Des Moines, Iowa. The occupancy of the property was last reported to be 46.5% as of the September 2008 rent roll and the loan was recently transferred to special servicing given the borrower’s inability to continue to service the debt. DBRS expects losses associated with the loan to be contained to the unrated Class P.

As part of its review, DBRS analyzed the top ten loans, the 17 shadow-rated loans, the servicer’s watchlist and the two delinquent loans, which comprise approximately 51% of the current pool balance. The overall performance of the top ten and shadow-rated loans remains stable, with the exception of Prospectus ID#6 (Viad Corporate Center, 3.1%) and two crossed loans, Prospectus ID#14 and ID#15 (Stony Point East & West, 1.3%). Viad Corporate Center was added to the DBRS HotList as a result of the downward pressure on rents in the market and increased vacancy at the property. Prospectus ID#14 and ID#15 are a cross-collateralized and cross-defaulted loan grouping on office properties located in Santa Rosa, California. The loan was originally shadow-rated investment grade; however, due to the increased vacancy at the subject properties and the upcoming rollover in the next three years, DBRS no longer considers the loan group to carry an investment-grade shadow rating.

The details of DBRS’s analysis can be found in an updated Surveillance Report.

Notes:
The applicable methodologies are CMBS Rating Methodology and CMBS Surveillance, which can be found on our website under Methodologies.

This is a Structured Finance rating.

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-1AAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-1AAAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-2AAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-3AAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-4AAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-ABAAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class A-JAAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class AMAAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class X-1AAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class X-2AAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class BAA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class CAA (low) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class DA (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class EA (low) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class FBBB (high) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class GBBB (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class HBBB (low) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class JBB (high) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class KBB (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class LBB (low) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class MB (high) (sf)StbConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class NB (sf)NegConfirmed
    US
    04-Mar-09Commercial Mortgage Pass-Through Certificates, Series 2007-TOP26, Class OB (low) (sf)NegConfirmed
    US
    More
    Less
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP26
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AAA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AA (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:AA (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:A (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:A (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:BBB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:BBB (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:BBB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:BB (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:BB (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:BB (low) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:B (high) (sf)
  • Trend:Stb
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:B (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
  • Date Issued:Mar 4, 2009
  • Rating Action:Confirmed
  • Ratings:B (low) (sf)
  • Trend:Neg
  • Rating Recovery:
  • Issued:US
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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