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Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20 -- Moody's affirms six classes of BSCMS 2005-TOP20

Moody's rating action reflects a base expected loss of 69.3% of the current pooled balance, compared to 68.8% at Moody's last review. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.