Fitch Ratings has upgraded seven classes and affirmed two classes of Bear Stearns Commercial Mortgage Securities Trust commercial mortgage pass-through certificates series 2003-PWR2 (BS 2003-PWR2). A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The upgrades reflect the stable performance of the pool and strength of the underlying collateral. The pool has sustained losses totaling 1.2% of the original pool balance or $12.4 million since origination. As of the January 2015 distribution date, the pool's aggregate principal balance has been reduced by 94.3% to $60.5 million from $1.07 billion at issuance. There are eight assets remaining, one is a Fitch Loan of Concern (2.6%) and one loan (0.8% of the pool) is defeased. Interest shortfalls are currently affecting classes N through P.

The largest loan in the pool is the $47 million (77.7% of pool) pari-passu portion of 3 Times Square (totaling $79.9 million). The loan is fully amortizing through its October 2021 maturity date and is secured by an 883,405 square foot 30-story class-A office building located in Manhattan. Built in 2001, the property's major tenants include Thomson Reuters, BMO Harris Bank and JP Morgan Chase. As of September 2015, the year to date debt service coverage ratio was reported to be 1.74x. Occupancy has been 100% for the past several years.

RATING SENSITIVITIES

The Rating Outlooks are expected to remain Stable given the stable performance of the pool and low expected losses on a loan-by-loan basis as leverage continues to decrease given substantial amortization. Downgrades are not likely due to the fully amortizing nature of the majority of the loans and the low leverage.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has upgraded the following classes and assigned Rating Outlooks as indicated:

--$10.7 million class F to 'AAAsf' from 'AAsf', Outlook Stable;

--$9.3 million class G to 'AAAsf' from 'Asf', Outlook Stable;

--$13.3 million class H to 'AAAsf' from 'BBBsf', Outlook Stable;

--$5.3 million class J to 'AAAsf' from 'BBsf', Outlook Stable;

--$5.3 million class K to 'AAsf' from 'BBsf', Outlook Stable;

--$4 million class L to 'BBsf' from 'Bsf', Outlook Stable;

--$5.3 million class M to 'Bsf' from 'CCCsf', Outlook Stable.

Fitch affirms the following classes:

--$4.9 million class E at 'AAAsf', Outlook Stable;

--$2.2 million class N at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, B, C, and D certificates have paid in full. Fitch does not rate the class P certificates. Fitch previously withdrew the rating on the interest-only classes X-1 and X-2.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=998669

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998669

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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