Fitch Ratings Upgrs Key Comm Mortgage's Primary, Master & Special Servicer Rating.Business Editors NEW YORK--(BUSINESS WIRE)--May 29, 2002 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. upgrades Key Commercial Mortgage's primary, master and special servicer rating to 'CPS2+' from 'CPS2', to 'CMS2' from 'CMS2-' and to 'CSS2+' from 'CSS2-', respectively. Key's primary servicer rating is upgraded based on continued enhancements made to primary servicing quality control functions and its proficient allocation of resources allocation of resources Apportionment of productive assets among different uses. The issue of resource allocation arises as societies seek to balance limited resources (capital, labour, land) against the various and often unlimited wants of their members. . The master servicer rating is upgraded based on the continued strong support of its parent, Key Corp, to commercial 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. . The special servicer rating is upgraded due to the addition of highly experienced personnel who have prior CMBS CMBS See: Commercial Mortgage Backed Securities workout and asset management experience. Key has also had some opportunities to successfully resolve assets since Fitch's last review. As of 3\31\2001, Key Commercial Mortgage was named master servicer on 8 CMBS transactions comprised of 1,896 loans totaling $9.8 billion and a primary servicer in 16 CMBS transactions, servicing 264 loans totaling $1.7 billion. The company was named special servicer on 12 CMBS transactions and as a sub-special servicer on one CMBS transactions, comprised of 1,443 loans totaling $7.2 billion. Key is currently special servicing 34 CMBS loans totaling $127 million. Fitch rates primary servicers, master servicers, and special servicers on a scale of one through four, with one being the highest rating; each servicer type rating has a prefix of CPS, 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. , or 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. , respectively. For more details, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002, available on Fitch's web site at 'www.fitchratings.com'. |
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