Sept. 13 - Fitch Ratings has downgraded seven classes and revised the Recovery Estimate of one class of Bear Sterns Commercial Mortgage Securities Trust (BSCMST), series 2006-TOP22 commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this release. The downgrades are primarily the result of higher certainty of losses from the specially serviced loans. Fitch modeled losses of 4.35% of the remaining pool, and expected losses based on the original pool balance are 3.72%, of which 0.36% are losses realized to date. Fitch designated 40 loans (20.1%) as Fitch Loans of Concern, which include six specially serviced loans (2.8%). As of the August 2012 distribution date, the pool’s aggregate principal balance has been reduced by 22.7% (including 0.36% of realized losses) to $1.319 billion from $1.704 billion at issuance. Interest shortfalls are affecting classes O and P. Three loans in the pool (0.6%) are currently defeased. The largest contributor to Fitch’s modeled losses is the specially-serviced Killian Hill Center (1.1% of the pool) located in Lilburn, GA. The 113,216 square foot (sf) community retail center was built in 1971 and is located 25 miles northeast of Atlanta, GA. The loan was transferred to the special servicer in November 2011 for imminent payment default. The borrower defaulted on the loan in December 2011. The special servicer continues to work with the borrower while also pursuing foreclosure. The second largest contributor to Fitch’s modeled losses is Lake Buena Vista Courtyard by Marriott (1.1%), a 308 room full service, Marriot flagged hotel, located in Orlando, FL. The resort faces strong competition from the large number of properties in the sub-market which cater exclusively the same customer segment. Performance has improved recently with the first quarter 2012 reported occupancy rate at 66% and the resulting debt service coverage ratio (DSCR) at 1.04x. The improvement is due to the borrower aggressively lowering rates and actively participating in flag-related discounts. The loan remains current. The third largest contributor to Fitch’s modeled losses, the specially serviced IBM Business Center (0.9% of the pool), consists of a three story office building located in Lexington, KY. The occupancy rate at the subject is 25% which is unlikely to improve in the short-term due a large amount of deferred maintenance and functional obsolesce. The special servicer continues to work to appoint a property receiver and evaluate workout options. Fitch downgrades the following classes and revises Recovery Estimates as indicated: --$8.5 million class H to ‘CCsf’ from ‘CCCsf’; RE to 35% from 95%; --$10.7 million class J to ‘CCsf’ from ‘CCCsf’; RE0%; --$2.1 million class K to ‘CCsf’ from ‘CCCsf’; RE0%; --$6.4 million class L to ‘Csf’ from ‘CCCsf’, RE0%; --$2.1 million class M to ‘Csf’ from ‘CCCsf’; RE0%; --$2.1 million class N to ‘Csf’ from ‘CCsf’, RE0%; --$4.3 million class O to ‘Csf’ from ‘CCsf’; RE0%. In addition, Fitch affirms the following classes and revises Outlooks as indicated: --$69.2 million class A-3 at ‘AAAsf’; Outlook Stable; --$59.2 million class A-AB at ‘AAAsf’; Outlook Stable; --$563.8 million class A-4 at ‘AAAsf’; Outlook Stable; --$172.3 million class A-1A at ‘AAAsf’; Outlook Stable; --$170.5 million class A-M at ‘AAAsf’; Outlook Stable; --$125.7 million class A-J at ‘AAsf’; Outlook Stable; --$32 million class B at ‘Asf’; Outlook Stable; --$12.8 million class C at ‘BBBsf’; Outlook Stable; --$25.6 million class D at ‘BBsf’; Outlook to Negative from Stable; --$14.9 million class E at ‘Bsf’; Outlook to Negative from Stable; --$14.9 million class F at ‘B-sf’ ; Outlook Negative; --$14.9 million class G at ‘CCCsf’; RE100%. Fitch does not rate the $9.4 million class P. Classes A-1 and A-2 have repaid in full. Fitch previously withdrew the rating on the interest-only class X. Contact: Primary Analyst Jay Bullie Associate Director +1-312-368-2079 Fitch, Inc. 70 W. Madison Street Chicago, IL 60602 Committee Chairperson Christopher Bushart Senior Director +1-212-908-0606 Media Relations: Sandro Scenga, New York, Tel: +1 212-908-0278, Email: firstname.lastname@example.org.