Fitch Upgr Pac Life's Primary Servicer, Issues Master Servicer.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 18, 2001

Fitch upgrades Pacific Life Insurance Company's (PL) primary servicer rating to `CPS1-` from `CPS2' and affirms PL's special servicer rating of `CSS2'. In addition, Fitch issues PL a master servicer rating of `CMS2'.

The primary servicer rating upgrade is based on PL's demonstrated ability to service mortgage loans in CMBS transactions, the strengthening of its internal quality reviews, and its history of excellent interaction with Fitch's surveillance group. PL also is a particularly strong CMBS large loan servicer. The master servicer rating indicates PL's ability to report and remit to CMBS trustees and its plan to oversee third party primary servicers. The special servicer rating reflects PL's continued ability to manage and resolve assets in CMBS transactions. Each of the ratings also considers PL's financial strength, the experience and tenure of its management team and its continued commitment to its superior training program.

As of September 30, 2001, PL was servicing 318 loans, totaling $8.6 billion, of which 311 loans totaling $7.2 billion was CMBS. As of the same date PL was named special servicer on 14 CMBS transactions totaling $3 billion.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated Oct. 28, 1999, and available on Fitch's web site at 'www.fitchratings.com'.