×

Fitch Affirms Berkadia Commercial Mortgage LLC's CMBS Servicer Ratings

NEW YORK, May 10, 2010 (BUSINESS WIRE) -- Fitch Ratings affirms Berkadia Commercial Mortgage LLC's (Berkadia) commercial mortgage servicer ratings as follows: --Primary servicer rating at 'CPS1-'; --Special servicer rating at 'CSS1-'; --Master servicer rating at 'CMS2+'.

The servicer rating affirmations are based on the company's experienced management and staff with long company tenure, a highly knowledgeable asset management team, and extensive familiarity in working out loan defaults.

In December 2009, Berkadia Commercial Mortgage LLC completed the acquisition of Capmark Financial Group Inc.'s loan servicing and origination business. Berkadia is a newly formed entity owned by a 5050 joint venture between Berkshire Hathaway Inc. and Leucadia National Corporation. During the marketing and ultimate sale of the servicing shop, Berkadia retained key servicing personnel and experienced approximately 10% overall turnover for 2009.

Berkadia is an active participant in the commercial real estate market, with extensive experience in servicing commercial real estate debt. As of March 31, 2010, Berkadia's commercial mortgage servicing portfolio consisted of 28,216 loans totaling $209 billion, of which 15,637 loans totaling $124 billion were CMBS. As of the same date, Berkadia was the named special servicer for 7,523 CMBS loans totaling $42.6 billion, of which 462 loans totaling $5.04 billion were actively specially serviced CMBS, with an additional 38 Non-CMBS loans totaling $440 million.

The servicer ratings are based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria' dated June 19, 2009, and 'Global Rating Criteria for Structured Finance Servicers' dated Sept. 30, 2009, available on Fitch's web site at 'www.fitchratings.com'.

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.

Additional information is available at 'www.fitchratings.com'.

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.

SOURCE: Fitch Ratings CONTACT: Fitch Ratings Stephanie Petosa, +1-212-908-0720 Mary MacNeill, +1-212-908-0785 (New York) Media Relations: Sandro Scenga, +1-212-908-0278 (New York) sandro.scenga@fitchratings.com Copyright Business Wire 2010 -0- KEYWORD: United States

North America

New York SUBJECT CODE: Bond/Stock Rating