Fitch Affirms J.E. Robert Cos. 'CSS1' Special Servicer Rating.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 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, the tenure and experience of its senior management, and its recently enhanced technology capabilities for asset management. As of March 2005, JER was named special servicer on 14 CMBS transactions, totaling $8.9 billion. As of the same date, JER was actively specially servicing nine CMBS loans totaling $82 million and managed five 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] ) assets valued at $53 million. 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 April 11, 2002, available on the Fitch Ratings website at www.fitchratings.com. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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