Fitch Maintains Berkeley Point's CMBS Servicer Ratings on Watch Negative

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings maintains Berkeley Point Capital LLC's (Berkeley Point) primary and special servicer ratings of 'CPS2' and 'CSS3+', on Rating Watch Negative. The servicer ratings were previously placed on Rating Watch Negative following the sale of DB Mortgage Services, LLC (DBMS). For more detail, see the press release entitled: 'Fitch Places Berkeley Point's CMBS Servicer Ratings on Watch Negative Following DBMS Acquisition' dated April 18, 2012.

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 by year end. 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

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Fitch Ratings
Primary Analyst:
James Bauer, +1-212-908-0343
Associate Director
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Secondary Analyst:
Melissa Che, +1-212-908-9107
Associate Director
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Managing Director
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Source: Fitch Ratings