Fitch IBCA Upgrades Crown Northcorp Primary Svcr Rtg To `CPS2'.
Fitch IBCA assigns Crown Northcorp (Crown) a `CMS3' master servicer rating. In addition, Fitch IBCA upgrades Crown's primary servicer rating to `CPS2' from `CPS3' and affirms its special servicer rating of `CSS2'. The master servicer rating reflects Crown's ability to oversee and monitor primary servicers and its well established policies and procedures. The upgrade on Crown's primary servicer rating reflects a highly experienced loan servicing 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) 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.'
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|Date:||Jun 30, 1999|
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