Fitch Affirms ORIX's Special Servicer After KeyBank Sale; Withdraws Master & Primary.CHICAGO & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings has affirmed ORIX Capital Markets (OCM OCM Oracle Certified Master (database administrator certification) OCM Organization for Competitive Markets OCM Onondaga Cortland Madison (counties in New York) OCM Olympic Council of Malaysia ) 'CSS3' special servicer rating following the Dec. 7 sale of all of its master and primary servicing rights to KeyBank Real Estate Capital. Fitch also withdraws OCM's 'CMS2' master servicer rating and 'CPS2' primary servicer rating. The special servicer rating is indicative of OCM's ability to work out and resolve commercial mortgage loans and real estate-owned (REO reo Noun NZ a language [Maori] ) properties in commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) transactions, its experienced asset management staff and its commitment to technology. As of Nov. 30, 2005, OCM was named special servicer on 18 CMBS transactions totaling $10.5 billion. At that time, OCM was actively specially servicing 52 CMBS loans totaling $338 million and was managing 11 REO assets valued at $59 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 and available on the Fitch Ratings web site at '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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