Fitch Tokyo Rates Premier Asset Management `CSS2- (JPN)'.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & TOKYO--(BUSINESS WIRE)--Dec. 21, 2001 Fitch assigns Premier Asset Management Company (Premier) a 'CSS2- (JPN JPN Japan JPN Joint Planning Network JPN JSIC Peterson Node )' rating as CMBS CMBS See: Commercial Mortgage Backed Securities special servicer. The rating is based on Premier's ability to service commercial mortgage loans and meet investor reporting requirements. This is the seventh CMBS special servicer rating Fitch has assigned in Japan. In determining the `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- (JPN)' rating, Fitch identified Premier's strengths and also some concerns relating to their business. Premier's strengths include: 1) investment grade parent, GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Holding Company (GMACCH) and its subsidiaries supporting Premier in various ways including equity contribution; 2) experienced management and asset managers; 3) comprehensive 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 ; and, 4) substantial track record evidenced by a large and diversified portfolio serviced. Some concerns include: 1) the adjustment to becoming a 100% subsidiary of GMAC Commercial Mortgage Japan K.K., which took place in May 2001, is still undergoing, 2) some of the systems are still being improved, and, 3) until recently the servicer's in-class training program was limited. However, these concerns are mitigated by the fact that Premier is actively implementing various measures to facilitate the integration process and the systems. In addition, since the servicer has become a part of the GMAC Commercial Mortgage group, it is beginning to benefit from the parent's extensive corporate-wide training program, which includes in-class training. Premier is an affiliate of GMAC Commercial Mortgage Japan K.K., which is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of GMACCH, a global finance company headquartered in the US. It obtained its servicer license from Ministry of Justice in April 1999. Since April 1999 Premier has serviced 6,023 loans in the unpaid principal balance of Yen 1,085 billion. Fitch rates CMBS primary servicers (CPS), master servicers (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. ), and special servicers (CSS) in Japan on a scale of 1 through 5, with 1 being the highest rating. Additionally, Fitch may attach a plus (+) or minus (-) sign to the rating, indicating a relative position within each rating category. `JPN' appears in the Japanese ratings to reflect their relevance in Japan's legal, economic and social contexts. For more details, please refer to the report titled `Japanese Commercial Mortgage Servicer Rating Criteria', dated Feb. 20, 2001 and available on Fitch's web sites at `www.fitchratings.com' in English and `www.fitchratings.co.jp' in Japanese. The report on Premier in English and Japanese will be available shortly on Fitch's web sites, or through our Market Services at 1-800-853-4824 in New York or Fitch Tokyo office at + 81-3-3288-2628 in Japan. |
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