Fitch Upgrades/Affirms Prudential Asset Resources' CMBS Servicer Ratings.CHICAGO -- 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 Prudential Asset Resources' (PAR) master servicer rating to 'CMS2' from 'CMS2-', and affirms its primary servicer rating of 'CPS2' and special servicer rating of 'CSS2-'. Each of the ratings considers the extensive industry experience of PAR's servicing management and staff. The master servicer rating reflects PAR's proven ability to report and remit to CMBS CMBS See: Commercial Mortgage Backed Securities trustees and to oversee third party primary servicers. The upgrade reflects PAR's favorable interaction with Fitch's CMBS surveillance team, its increased performance regarding operating statement operating statement See income statement. reporting as a master servicer in 2006 and its development of a new investor website. The primary servicer rating considers the company's demonstrated ability to service commercial mortgage loans in commercial mortgage-backed securities (CMBS) transactions. The special servicer rating reflects the special servicing group's experienced asset managers and their ability to workout, manage and liquidate nonperforming loans and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) properties in CMBS transactions. The ratings also reflect the financial condition of parent Prudential Financial, and its strong commitment to commercial mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. , including CMBS. As of March 31, 2007, PAR's total servicing portfolio consisted of 6,035 loans totaling $50.9 billion, of which approximately $11.9 billion was CMBS. As of the same date, PAR was named master servicer on 25 CMBS transactions, overseeing four primary servicers who serviced 67 loans totaling $422 million. Also as of March 31, 2007, PAR was named special servicer on 12 CMBS transactions, comprising 15 loans totaling $1.4 billion. Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, 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 'Rating U.S. Commercial Mortgage Servicers', dated June 9, 2006, available on Fitch's web site, www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant 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 are also available from the 'Code of Conduct' section of this site. |
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