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Fitch Places Berkeley Point's CMBS Servicer Ratings on Watch Negative Following DBMS Acquisition.

NEW YORK -- Fitch Ratings places Berkeley Point Capital LLC's (Berkeley Point) primary and special servicer ratings of 'CPS2' and 'CSS3+', on Rating Watch Negative following the sale of DB Mortgage Services, LLC (DBMS). The servicer ratings were previously assigned to DBMS.

On March 9, 2012, Ranieri Real Estate Partners LP and private equity funds associated with WL Ross & Co. LLC acquired Deutsche Bank Berkshire Mortgage (DBBM), the former parent company of DBMS and a subsidiary of Deutsche Bank. DBBM and DBMS have subsequently been reorganized into Berkeley Point. Berkeley Point management has stated that the company will be a complete continuation of DMBS operations, staffing, technology, and policies and procedures.

Due to the recent formation of Berkeley Point, there is insufficient information regarding the financial condition of the company to determine the impact that the acquisition will have on the primary and special servicer ratings. Fitch expects to resolve the Rating Watch Negative following an operational review of the company and receipt of financial information for Berkeley Point. Fitch does not expect the primary and special servicer ratings to change by more than one notch.

The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and 'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010, available on Fitch's web site www.fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 18, 2011;

--'Global Rating Criteria for Structured Finance Servicers' Aug. 16, 2010.

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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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Comment:Fitch Places Berkeley Point's CMBS Servicer Ratings on Watch Negative Following DBMS Acquisition.
Publication:Business Wire
Geographic Code:1U2NY
Date:Apr 18, 2012
Words:498
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