Fitch Affirms ING Clarion's Special Servicer Rating at 'CSS2+'.NEW YORK -- Fitch Ratings affirms ING Clarion Capital Loan Services, LLC's (ING Clarion) commercial mortgage special servicer rating of 'CSS2+'. The rating is based on ING Clarion's highly experienced asset management team with strong workout backgrounds as well as their demonstrated ability to specially service nonperforming assets securing commercial mortgage-backed security 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 reflects the financial strength and support of parent company, ING Group. As of June 30, 2009, ING Clarion was the named special servicer for 2,373 loans in 19 CMBS transactions totaling $27.2 billion. The company was actively specially servicing 96 loans and four real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) assets totaling $1.9 billion. Since inception, ING Clarion has resolved 54 CMBS loans totaling $753.7 million. 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 'U.S. Commercial Mortgage Servicer Rating Criteria', dated June 19, 2009, 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. |
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