Fitch Affirms LNR Partners' Special Servicer Rating of 'CSS1'.NEW YORK -- Fitch Ratings affirms LNR LNR Local Nature Reserve (United Kingdom) LNR Last Number Redial LNR London News Radio LNR Left/Node/Right (in order binary tree traversal in computer programming) LNR Local Negotiated Rate Partners, Inc.'s (LNR) special servicer rating of 'CSS1'. The affirmation is due to LNR's continued strong ability to specially service, workout and resolve assets securing commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ). The rating also reflects the company's highly tenured management and staff, comprehensive surveillance procedures, and continued excellent use of technology. LNR continues to be highly effective in managing and liquidating assets in their portfolios. As of Dec. 31, 2006, LNR was named special servicer on 140 CMBS transactions totaling $181.9 billion. At the same date, the company was actively servicing 195 assets totaling $1.3 billion including 46 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 $342.6 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 'Rating U.S. Commercial Mortgage Servicers', dated June 09, 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. |
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