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) commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) servicer ratings as follows: --Primary servicer rating at 'CPS1'; --Master servicer rating at 'CMS2+'; --Special servicer rating at 'CSS2'. The servicer ratings are based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria' dated June 19, 2009, and 'Global Rating Criteria for Structured Finance Servicers' dated Sept. 30, 2009, available on Fitch's web site at www.fitchratings.com. The primary servicer rating is based on Pacific Life's demonstrated ability to effectively service mortgage loans in CMBS transactions, with a particular strength in servicing large loans, including A/B A/B Airborne A/B Afterburner (jet engines) A/B Air Blast A/B Answerback A/B Auto-brake A/B Air Bus A/B Afterburning note structures. The master servicer rating reflects Pacific Life's continued ability to oversee third-party servicers and report and remit to CMBS trustees. The special servicer rating is based on Pacific Life's experienced loan workout and asset management staff. Each of the ratings also considers the company's experienced and tenured ten·ured adj. Having tenure: tenured civil servants; tenured faculty. Adj. 1. tenured management and staff and the financial strength of Pacific Life and its 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 Sept. 30, 2009, Pacific Life's commercial mortgage primary servicing portfolio consisted of 556 loans totaling $14.5 billion of which 155 loans totaling $2.1 billion were CMBS. As of the same date, the company was named master servicer on eight CMBS transactions and oversaw one external primary servicer that serviced two loans totaling $42 million. Also at the same date, Pacific Life was the named special servicer for 13 U.S. CMBS transactions consisting of 123 loans totaling $2.1 billion and was actively special servicing five CMBS loans totaling $440 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. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP HTTP in full HyperText Transfer Protocol Standard application-level protocol used for exchanging files on the World Wide Web. HTTP runs on top of the TCP/IP protocol. ://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, 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 WEBSITE 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion