Business & Finance
Sun, August 26, 2012
NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has affirmed CWCapital Asset Management LLC's (CWCAM) commercial mortgage-backed securities (CMBS) special servicer rating at 'CSS1-'.
The affirmation of the special servicer rating reflects Fitch's overall assessment of the company and, in particular, its asset management capabilities and extensive workout experience. The rating also reflects CWCAM's strong management team with significant industry experience and commitment to its technology, which is a strength of the company.
As of June 30, 2012, CWCAM's was named special servicer on 11,088 loans in 153 CMBS transactions with an unpaid principal balance (UPB) of $143.3 billion. At that time, the company was actively special servicing 554 loans and 530 REO totaling $23.3 billion.
Additionally, the primary and master servicer ratings of CWCapital LLC remain at 'CPS2+' and 'CMS3', respectively, pending the expected sale of those operations to Walker & Dunlop, Inc. The transaction is expected to close during the third quarter of 2012.
The servicer ratings are based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and 'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010, available on Fitch's web site '[ www.fitchratings.com ]'.
Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 18, 2011;
--'Global Rating Criteria for Structured Finance Servicers' Aug. 16, 2010.
Applicable Criteria and Related Research:
U.S. Commercial Mortgage Servicer Rating Criteria
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005 ]
Global Rating Criteria for Structured Finance Servicers
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305 ]
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