Fitch Affirms KeyCorp Real Estate Capital Markets, Inc. Servicer Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--June 15, 2004 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 KeyCorp Real Estate Capital Markets, Inc.'s (Key) primary servicer rating of 'CPS1-'; its master servicer rating of 'CMS2+' and the special servicer rating of 'CSS2+'. Key's experienced management team and proactive approach to servicing CMBS CMBS See: Commercial Mortgage Backed Securities are considered in each rating. The primary servicer rating considers continued process and technology improvements including an investor website implemented last summer. The master servicer rating is based on the company's ability to oversee primary servicers and report and remit to the Trust. The special servicer rating reflects Key's ability to workout, manage and liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the nonperforming loans and 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] ) properties in CMBS transactions. The ratings also reflect the financial condition of parent KeyCorp, and its demonstrated commitment to commercial mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. . As of March 31, 2004, Key's total servicing portfolio consisted of 4478 loans totaling $26.1 billion, of which approximately $19.6 billion was CMBS. As of the same date, Key was named master servicer on 18 CMBS transactions, overseeing 15 primary servicers who serviced 185 loans totaling $1.26 billion. Also as of March 31, 2004, Key was named special servicer on 7 CMBS transactions totaling $5.6 billion and was special servicing 6 CMBS loans and CMBS REO totaling $15.7 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 Fitch's web site, 'www.fitchratings.com'. |
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