Fitch Affirms ORIX Capital Market's CMBS Special Servicer Rating.CHICAGO -- Fitch affirms 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 ) special servicer rating of 'CSS3'. The special servicer rating reflects OCM's demonstrated ability to work out and resolve commercial mortgage 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 commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) transactions, its experienced management team and its continued commitment to technology. As of June 30, 2006, OCM was named special servicer on 13 CMBS transactions totaling $9.3 billion. At that time, OCM was actively specially servicing 38 CMBS loans totaling $299 million and was managing seven REO assets valued at $58 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 9, 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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