Fitch Upgr Key Comm Mtge's Master & Special Servicer Rtg.Business Editors & Analysts NEW YORK--(BUSINESS WIRE)--May 23, 2001 Fitch upgrades Key Commercial Mortgage's master and special servicer rating to `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. 2-` from `CMS3' and to `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-` and from `CSS3', respectively. Fitch also affirms the `CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. 2' primary servicer rating. Key Commercial Mortgage's master servicer rating is upgraded due to the proven support of 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 acquisition of National Realty Funding, L.C. has proven to be a good blend of talent and resources and has remained stable throughout the integration. The special servicer rating is upgraded due to the increase in the company's dedicated special servicing personnel. Key has had some opportunities to successfully resolve assets since Fitch's last review. The primary servicer rating is based on Key Commercial Mortgage's ability to administer and manage commercial mortgage loans effectively. As of March 31, 2001, Key Commercial Mortgage was named master servicer on 6 CMBS CMBS See: Commercial Mortgage Backed Securities transactions comprised of 1290 loans totaling $5.9 billion and a primary servicer in 11 CMBS transactions, servicing 64 loans totaling $282 million. The company was named special servicer on 2 CMBS transactions and as a sub-special servicer on 4 CMBS transactions. Key is currently special servicing 17 CMBS loans totaling $36 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 The beginning or to add to the beginning. To prefix a header onto a packet means to place the header characters in front of the packet. "To prefix" at the beginning is the opposite of "to append" characters at the end. See prepend. 1. of CPS, CMS, or CSS, respectively. For more details, refer to the report titled `Commercial Mortgage Servicer Rating Criteria', dated Oct. 28, 1999, available on Fitch's web site at `www.fitchratings.com'. |
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