Fitch Affirms J.E. Robert Companies' 'CSS1' Special Servicer Rating.Business Editors CHICAGO--(BUSINESS WIRE)--June 17, 2003 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 J.E. Robert Companies' (JER JER Jeremiah JER Joint Ethics Regulation JER Journal of Educational Research JER Jersey, Channel Islands, United Kingdom - States (Airport Code) JER James E Riley (head writer for NBC soaps) ) 'CSS1' commercial mortgage special servicer rating. The rating is based on JER's highly experienced asset management and special servicing team and its proven ability to successfully workout, manage and resolve commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) mortgage loans. The rating also reflects JER's long history of CMBS special servicing and the tenure and experience of its senior management. J.E. Robert Companies is currently named special servicer on twelve CMBS transactions, totaling $2.1 billion. As of March 31, 2003, JER was actively serving as special servicer on eleven CMBS loans totaling $100 million and managed one CMBS 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] ) asset valued at $2 million. For more information about Fitch's commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002 and available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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