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Fitch Affirms GEMSA Loan Services' Primary & Master Servicer Ratings.

CHICAGO -- Fitch Ratings affirms GEMSA Loan Services' (GEMSA) primary servicer rating of 'CPS1' and its master servicer rating of 'CMS1-'. The primary servicer rating is based on GEMSA's demonstrated strong ability to effectively service commercial mortgage loans in CMBS transactions. The master servicing rating considers GEMSA's continued ability to oversee third party servicers and to accurately report and remit to CMBS trustees. Each of the ratings also considers GEMSA's highly experienced loan servicing and asset management staff, its strong management team with a long history of working together, and its excellent use of technology. The ratings also reflect the strong financial resources of GEMSA's production joint venture partners, GE Commercial Finance Real Estate and CBRE Melody Capital Markets.

As of Sept. 30, 2006, GEMSA's global servicing portfolio totaled $89.1 billion. At that date, its U.S. servicing portfolio comprised 7,969 loans totaling $82.7 billion, of which $28.6 billion was CMBS. Also as of Sept. 30, 2006, GEMSA was named master servicer for five U.S. CMBS transactions, totaling $6.3 billion and oversaw seven third party primary servicers who serviced 231 loans totaling $2.7 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 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 are also available from the 'Code of Conduct' section of this site.
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Publication:Business Wire
Date:Nov 2, 2006
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