Fitch Affirms Pacific Life's CMBS Servicer Ratings.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 Pacific Life Insurance Company's, (Pacific Life) primary servicer rating of 'CPS1', its master servicer rating of 'CMS2+' and its special servicer rating of 'CSS2'. Each of the ratings considers the experienced management and loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. team and the financial strength of Pacific Life. The primary servicer rating reflects Pacific Life's proven ability to service loans in commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. (CMBS CMBS See: Commercial Mortgage Backed Securities ) transactions. The master servicer rating considers Pacific Life's CMBS reporting capabilities and the company's continued excellent interaction with Fitch's CMBS performance analytics group. The special servicer rating reflects Pacific Life's 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 properties in CMBS transactions. The ratings also reflect Pacific Life's ongoing commitment to a detailed quality control plan and its strong cash management procedures. As of June 30, 2006, Pacific Life's total servicing portfolio consisted of 766 loans totaling $11.7 billion, of which approximately $2.3 billion was CMBS. As of the same date, Pacific Life was named master servicer on 14 CMBS transactions, overseeing two primary servicers who serviced four loans totaling $69 million and was named special servicer on 12 CMBS transactions totaling $1.5 billion. 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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