S&P Raises, Affirms Ratings on Bear Stearns Mortgage Inc. Var Securities

Apr 19, 2001, 01:00 ET from Standard & Poor's Ratings Services

    NEW YORK, April 19 /PRNewswire/ -- Standard & Poor's today raised its
 ratings on 18 classes from six series of Bear Stearns Mortgage Securities
 Inc.'s mortgage pass-through certificates.  Concurrently, ratings are affirmed
 on 110 classes from 16 series (see list).
     The raised ratings reflect actual and projected credit support
 percentages that adequately support the higher ratings.  The higher credit
 support percentages are attributable to the seasoning and the strong
 performance of the mortgage pools as evidenced by the low delinquency
 percentages and low realized losses.
     The affirmed ratings reflect the solid performance, low delinquencies and
 low realized losses of the mortgage pools, with actual and projected credit
 support percentages that adequately support the assigned ratings.
      As of the March 2001 remittance date, total delinquencies ranged from 0%
 (series 1993-6) to 13.95% (series 1993-12) with approximately two-thirds of
 the transactions having total delinquencies below 5%.  Cumulative realized
 losses ranged from 0% (five transactions) to 9.35% (series 1993-12).  However,
 approximately three-quarters of the transactions have cumulative realized
 losses below 0.40%, including the five with no realized losses.  The higher
 delinquencies and losses for series 1993-12 and 1994-1 are essentially due to
 the FHA or VA collateral types.  Additionally, the delinquency rates are
 higher relative to the remaining pool balances.
     The underlying collateral for these transactions (except series 1993-12
 and 1994-1) consists primarily of prime credit quality, 15- to 30-year
 fixed-or adjustable-rate mortgage loans.  These mortgage loans are secured by
 first-liens on residential properties.  Series 1993-12 and 1994-1 are backed
 by conventional and FHA-insured or VA-guaranteed, 30-year fixed- or
 adjustable-rate mortgage loans which are secured by first-liens or
 second-liens on residential properties, Standard & Poor's said. -- CreditWire
 
     OUTSTANDING RATINGS RAISED
 
     Bear Stearns Mortgage Securities Inc.
     Mortgage pass-thru certs
 
                           Ratings
     Series   Class     To        From
     1992-3   B-1       AAA       AA
     1992-3   B-2       AAA       AA
     1992-3   B-3       AAA       AA
     1993-1   M         AAA       AA
     1993-4   M         AAA       AA
     1993-4   B-1       AAA       A
     1993-4   B-2       AA+       BBB
     1993-6   M         AAA       AA
     1993-6   B-1       AAA       A
     1993-6   B-2       AA        BBB
     1995-1   1-M       AAA       AA
     1995-1   1-B-1     AA        A
     1995-1   1-B-2     A         BBB
     1995-1   2-M       AAA       AA
     1995-1   2-B-1     AAA       A
     1995-1   2-B-2     AA        BBB
     1996-9   B-1       AAA       AA
     1996-9   B-2       AA        A
 
     OUTSTANDING RATINGS AFFIRMED
 
     Bear Stearns Mortgage Securities Inc.
     Mortgage pass-thru certs
 
     Series   Class                                       Rating
     1992-3   A-1, A-2, A-3                                 AAA
     1993-1   A-5, A-6, A-14, X                             AAA
     1993-4   A-10, A-11, A-12, AF-1, AS-2, P, X-1, X-2     AAA
     1993-6   A-5, A-6, A-7, A-8, A-9, AF-1, AS-2, X        AAA
     1993-7   A                                             AAA
     1993-11  1-A, 2-A                                      AAA
     1993-12  2-A, 3-A                                      AAA
     1993-14  A-2, A-3, A-4, A-5, A-6, A-7, A-13            AAA
     1993-14  AF-10, AS-11, AIO, P                          AAA
     1994-1   1-X, 2-A, 3-A, 4-A, 4-X                       AAA
     1995-1   1-A, 2-A3, 2-A4, 2-P, 2-X                     AAA
     1996-1   A-5, A-6, A-7, A-8, X                         AAA
     1996-2   A-1                                           AAA
     1996-3   A-8, A-9, A-10, A-11, PO, X                   AAA
     1996-4   A-I-9, A-I-10, A-I-11, A-II, PO, X            AAA
     1996-9   A-I-10, A-I-11, A-II, PO, X                   AAA
     1997-4   A-I, A-II, A-III, A-IV                        AAA
     1997-4   B-1                                           AA+
     1997-4   B-2                                           A+
     1997-4   B-3                                           BBB+
     1998-1   A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9   AAA
     1998-1   A-10, A-13, A-14, A-15, A-16, A-17, A-18      AAA
     1998-1   2-A-1, 2-A-2, 2-A-3, 2-A-4, 2-A-5, 2-A-6      AAA
     1998-1   2-A-7, 2-A-8, 3-A, P, X                       AAA
     1998-5   A-1, A-2, A-3, A-4                            AAA
 
 

SOURCE Standard & Poor's Ratings Services
    NEW YORK, April 19 /PRNewswire/ -- Standard & Poor's today raised its
 ratings on 18 classes from six series of Bear Stearns Mortgage Securities
 Inc.'s mortgage pass-through certificates.  Concurrently, ratings are affirmed
 on 110 classes from 16 series (see list).
     The raised ratings reflect actual and projected credit support
 percentages that adequately support the higher ratings.  The higher credit
 support percentages are attributable to the seasoning and the strong
 performance of the mortgage pools as evidenced by the low delinquency
 percentages and low realized losses.
     The affirmed ratings reflect the solid performance, low delinquencies and
 low realized losses of the mortgage pools, with actual and projected credit
 support percentages that adequately support the assigned ratings.
      As of the March 2001 remittance date, total delinquencies ranged from 0%
 (series 1993-6) to 13.95% (series 1993-12) with approximately two-thirds of
 the transactions having total delinquencies below 5%.  Cumulative realized
 losses ranged from 0% (five transactions) to 9.35% (series 1993-12).  However,
 approximately three-quarters of the transactions have cumulative realized
 losses below 0.40%, including the five with no realized losses.  The higher
 delinquencies and losses for series 1993-12 and 1994-1 are essentially due to
 the FHA or VA collateral types.  Additionally, the delinquency rates are
 higher relative to the remaining pool balances.
     The underlying collateral for these transactions (except series 1993-12
 and 1994-1) consists primarily of prime credit quality, 15- to 30-year
 fixed-or adjustable-rate mortgage loans.  These mortgage loans are secured by
 first-liens on residential properties.  Series 1993-12 and 1994-1 are backed
 by conventional and FHA-insured or VA-guaranteed, 30-year fixed- or
 adjustable-rate mortgage loans which are secured by first-liens or
 second-liens on residential properties, Standard & Poor's said. -- CreditWire
 
     OUTSTANDING RATINGS RAISED
 
     Bear Stearns Mortgage Securities Inc.
     Mortgage pass-thru certs
 
                           Ratings
     Series   Class     To        From
     1992-3   B-1       AAA       AA
     1992-3   B-2       AAA       AA
     1992-3   B-3       AAA       AA
     1993-1   M         AAA       AA
     1993-4   M         AAA       AA
     1993-4   B-1       AAA       A
     1993-4   B-2       AA+       BBB
     1993-6   M         AAA       AA
     1993-6   B-1       AAA       A
     1993-6   B-2       AA        BBB
     1995-1   1-M       AAA       AA
     1995-1   1-B-1     AA        A
     1995-1   1-B-2     A         BBB
     1995-1   2-M       AAA       AA
     1995-1   2-B-1     AAA       A
     1995-1   2-B-2     AA        BBB
     1996-9   B-1       AAA       AA
     1996-9   B-2       AA        A
 
     OUTSTANDING RATINGS AFFIRMED
 
     Bear Stearns Mortgage Securities Inc.
     Mortgage pass-thru certs
 
     Series   Class                                       Rating
     1992-3   A-1, A-2, A-3                                 AAA
     1993-1   A-5, A-6, A-14, X                             AAA
     1993-4   A-10, A-11, A-12, AF-1, AS-2, P, X-1, X-2     AAA
     1993-6   A-5, A-6, A-7, A-8, A-9, AF-1, AS-2, X        AAA
     1993-7   A                                             AAA
     1993-11  1-A, 2-A                                      AAA
     1993-12  2-A, 3-A                                      AAA
     1993-14  A-2, A-3, A-4, A-5, A-6, A-7, A-13            AAA
     1993-14  AF-10, AS-11, AIO, P                          AAA
     1994-1   1-X, 2-A, 3-A, 4-A, 4-X                       AAA
     1995-1   1-A, 2-A3, 2-A4, 2-P, 2-X                     AAA
     1996-1   A-5, A-6, A-7, A-8, X                         AAA
     1996-2   A-1                                           AAA
     1996-3   A-8, A-9, A-10, A-11, PO, X                   AAA
     1996-4   A-I-9, A-I-10, A-I-11, A-II, PO, X            AAA
     1996-9   A-I-10, A-I-11, A-II, PO, X                   AAA
     1997-4   A-I, A-II, A-III, A-IV                        AAA
     1997-4   B-1                                           AA+
     1997-4   B-2                                           A+
     1997-4   B-3                                           BBB+
     1998-1   A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9   AAA
     1998-1   A-10, A-13, A-14, A-15, A-16, A-17, A-18      AAA
     1998-1   2-A-1, 2-A-2, 2-A-3, 2-A-4, 2-A-5, 2-A-6      AAA
     1998-1   2-A-7, 2-A-8, 3-A, P, X                       AAA
     1998-5   A-1, A-2, A-3, A-4                            AAA
 
 SOURCE  Standard & Poor's Ratings Services