Fitch Affirms GEMSA Loan Services' Primary & Master Servicer Ratings.CHICAGO -- 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. affirms GEMSA GEMSA Gel Electrophoretic Mobility Shift Assays Loan Services' (GEMSA) primary servicer rating of 'CPS1' and its master servicer rating of 'CMS1-'. The primary servicer rating is based on GEMSA's demonstrated strong ability to effectively service commercial mortgage loans in CMBS CMBS See: Commercial Mortgage Backed Securities transactions. The master servicing rating considers GEMSA's continued ability to oversee third party servicers and to accurately report and remit to CMBS trustees. Each of the ratings also considers GEMSA's highly experienced loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. and asset management staff, its strong management team with a long history of working together, and its excellent use of technology. The ratings also reflect the strong financial resources of GEMSA's production joint venture partners, GE Commercial Finance Real Estate and CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Melody Capital Markets. As of Sept. 30, 2006, GEMSA's global servicing portfolio totaled $89.1 billion. At that date, its U.S. servicing portfolio comprised 7,969 loans totaling $82.7 billion, of which $28.6 billion was CMBS. Also as of Sept. 30, 2006, GEMSA was named master servicer for five U.S. CMBS transactions, totaling $6.3 billion and oversaw seven third party primary servicers who serviced 231 loans totaling $2.7 billion. Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, 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 'Rating U.S. Commercial Mortgage Servicers', dated June 9, 2006, available on Fitch's web site, www.fitchratings.com. 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