Fitch IBCA Affirms Pacific Life Co. Primary, Spl Servicer Rtgs.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 28, 1999 Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals affirms Pacific Life Co. commercial mortgage primary servicer rating at `CPS2' and special servicer rating at `CSS (1) See Cascading Style Sheets. (2) (Content Scrambling System) The copy protection system applied to DVDs, which uses a 40-bit key to encrypt the movie. 2'. The rating is based on Pacific Life Co. continued ability to primary service performing assets as well as special service non-performing assets securing CMBS CMBS See: Commercial Mortgage Backed Securities transactions. The rating also reflects the company's highly experienced management team, strong technology and commitment to training. Pacific Life Co. is currently primary servicer on 17 CMBS transactions including One New York Plaza One New York Plaza is an office building in New York City, built in 1969, and is located at the intersection of South and Whitehall Streets (). It is the southernmost of all Manhattan skyscrapers. . The company has particular strength in servicing large assets. They are named special servicer on 13 CMBS transactions. As of Sept. 30, 1999, Pacific Life Co. was managing 909 assets (1,645 properties) totaling more than $12 billion. A total of 287 loan resolutions, including 78 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 sales have been performed since the inception of the division. In addition, based on Fitch IBCA commercial mortgage surveillance's past experience, Pacific Life has been responsive and demonstrated working knowledge of the assets they are servicing. For more information about Fitch IBCA commercial mortgage servicer ratings or rating criteria, refer to the report titled `Commercial Mortgage Servicer Rating Criteria', dated Oct. 28, 1999, available on Fitch IBCA's website, http://www.fitchibca.com. |
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