Fitch IBCA Upgrades Crown Northcorp Primary Svcr Rtg To `CPS2'.
NEW YORK--(BUSINESS WIRE)--June 30, 1999--
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IBCA Department of Interior Board of Contract Appeals assigns Crown Northcorp (Crown) a `CMS (1) See content management system and color management system.
(2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. 3' master servicer rating. In addition, Fitch IBCA upgrades Crown's primary servicer rating to `CPS2' from `CPS3' and affirms its special servicer rating of `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 master servicer rating reflects Crown's ability to oversee and monitor primary servicers and its well established 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 . The upgrade on Crown's primary servicer rating reflects a highly experienced 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. staff and their ability to service commercial mortgage loans and meet investor reporting requirements. The special servicer rating reflects Crown's highly experienced asset management staff and their ability to work out and dispose performing and non-performing mortgage loans.
The ratings are also based on Crown's well integrated information systems and the long average tenure of the staff. However, concerns include limited financial resources, limited commercial mortgage-backed securities (CMBS CMBS
See: Commercial Mortgage Backed Securities ) exposure, and that Crown has no master servicing experience. Crown is primary servicer on eight CMBS transactions and performs special servicing duties on certain transactions, for which Lehman Brothers acts as operating advisor. The company is headquartered in Columbus, Ohio, with offices in Dallas, Atlanta, Washington D.C., and internationally in Stockholm, Sweden.
Fitch IBCA rates primary servicers, masters servicers, and special servicers on a scale of `1' to `4,' with `1' being the highest rating; each servicer type rating will have a prefix of `CPS', `CMS', and `CSS,' respectively. For more details, refer to the report titled `Rating CMBS Loan Servicers: A New Category/A New Scale', dated Nov. 2, 1998, available on Fitch IBCA's Web site `www.fitchibca.com.'