Fitch: Special Servicer Rtg For Prudential Asset Resources.Business Editors NEW YORK--(BUSINESS WIRE)--March 13, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. issues Prudential Asset Resources (PAR) a special servicer rating of 'CSS3+'. The rating reflects PAR's ability to effectively workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. and resolve problems with commercial mortgage loans in commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. (CMBS CMBS See: Commercial Mortgage Backed Securities ) transactions. The rating also considers the experience and tenure of the special servicing team, and the support and financial strength of its ultimate parent Prudential Financial Inc. Although PAR does not have CMBS special servicing experience, the special servicing group handles the resolution of problem assets in Prudential's on-book portfolio, and is well experienced in commercial real estate, foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. , bankruptcy and REO reo Noun NZ a language [Maori] asset management. Specifically, the manager of special servicing has 15 years real estate experience and 13 years with Prudential. As of December 2001, PAR was actively specially servicing 53 loans totaling approximately $430 million for Prudential and third party clients. Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated Oct. 28, 1999, available on Fitch's Web site, 'www.fitchratings.com'. |
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