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Fitch Places Walker & Dunlop Capital, LLC's Servicer Rtgs on Negative Watch Following Acquisition

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings places Walker & Dunlop Capital, LLC's (formerly known as CWCapital LLC) master and primary servicer ratings of 'CMS3' and 'CPS2+' on Rating Watch Negative following the sale of CWCapital's master and primary servicing operations to Walker & Dunlop, LLC.

On Sept. 4, 2012, Walker & Dunlop, LLC, a subsidiary of Walker & Dunlop, Inc. (NYSE: WD) completed the acquisition of CWCapital LLC, renaming it Walker & Dunlop Capital, LLC.

The Rating Watch Negative status is due to the uncertainty surrounding the integration, staffing and financial condition of the Walker and Dunlop servicing operations. Fitch expects to resolve the rating watch status following an operational review of the integrated Walker & Dunlop servicing platform before the end of 2012.

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:

Global Rating Criteria for Structured Finance Servicers

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

U.S. Commercial Mortgage Servicer Rating Criteria

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

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Fitch Ratings
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Source: Fitch Ratings