Fitch: Proposed Amendments to Change Servicers Would Not Affect Ratings of Gramercy CRE CDOs.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Proposed amendments by GKK Manager, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (GKKM), the collateral manager for Gramercy Real Estate CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the 2005-1, Ltd./LLC and Gramercy Real Estate CDO 2007-1 Ltd./LLC to reflect the assignment of and modification to the servicing agreements for the collateralized debt obligations (CDOs) would not adversely impact Fitch's ratings of the CDO liabilities. GKKM notified Fitch that (a) the 2005 primary servicing agreement (formerly with Capmark Finance Inc. ('Capmark') was being substantively modified and transferred to SitusServ LP ('Situs'), (b) the 2007 primary servicing agreement with Situs [Latin, Situation; location.] The place where a particular event occurs. For example, the situs of a crime is the place where it was committed; the situs of a trust is the location where the trustee performs his or her duties of managing the trust. was being substantively modified and (c) the 2005 and 2007 special servicing agreements relating to the foregoing primary servicing agreements were being substantively modified and transferred from Green Loan Services ('Green') to both Situs and Green on a bifurcated bi·fur·cate v. bi·fur·cat·ed, bi·fur·cat·ing, bi·fur·cates v.tr. To divide into two parts or branches. v.intr. To separate into two parts or branches; fork. adj. basis. Fitch's current criteria (Rating Methodology for U.S. Revolving Commercial Real Estate Loan CDOs, dated Dec. 20, 2007 available on Fitch's web site at www.fitchratings.com) state that when assessing CREL CREL Circular Regional Externa de Lisboa CDO collateral managers, Fitch employs the framework outlined in its criteria for rating CDO Asset Managers. However, given the specialized requirements of direct real estate lending and real estate portfolio management, the review process for rating CDO managers has been expanded to address specific qualifications expected to effectively manage CREL CDOs, including servicing capabilities. In cases where the manager is a rated CMBS CMBS See: Commercial Mortgage Backed Securities servicer or the organization outsources its servicing to a Fitch-rated servicer, Fitch will look to such ratings as authoritative indications of the commercial mortgage servicing capabilities of the organization. Green Loan Services LLC has a CMBS large loan special servicer rating of 'CLLSS2-' and Situs Asset Management (including SitusServ LP) has a CMBS primary servicer rating of 'CPS3' and a CMBS special servicer rating of 'CSS3'. Since both servicers are Fitch-rated and neither servicer is rated below the Level 3 servicer rating category, the servicers are considered to have appropriate capabilities for commercial mortgage servicing. The assignments of and modifications to the servicing agreements therefore would not prompt a review of or adversely impact Fitch's CDO ratings because the CDO manager continues to have adequate commercial mortgage servicing capabilities in place. Fitch is not a party to the transaction and therefore does not provide consent or approval, as that remains the sole preserve of the transaction parties. Fitch expects to be notified by the trustee when or if the Proposed Amendments are executed. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion