CHICAGO - (Business Wire) Fitch Ratings affirms Pacific Life Insurance Company's (Pacific Life) commercial mortgage-backed securities (CMBS) servicer ratings as follows: --Primary servicer rating at 'CPS1';
--Master servicer rating at 'CMS2+';
--Special servicer rating at 'CSS2'.
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.
The primary servicer rating is based on Pacific Life's demonstrated ability to effectively service mortgage loans in CMBS transactions, with a particular strength in servicing large loans, including A/B note structures. The master servicer rating reflects Pacific Life's continued ability to oversee third-party servicers and report and remit to CMBS trustees. The special servicer rating is based on Pacific Life's experienced loan workout and asset management staff. Each of the ratings also considers the company's experienced and tenured management and staff and the financial strength of Pacific Life and its commitment to commercial mortgage servicing.
As of Sept. 30, 2009, Pacific Life's commercial mortgage primary servicing portfolio consisted of 556 loans totaling $14.5 billion of which 155 loans totaling $2.1 billion were CMBS. As of the same date, the company was named master servicer on eight CMBS transactions and oversaw one external primary servicer that serviced two loans totaling $42 million. Also at the same date, Pacific Life was the named special servicer for 13 U.S. CMBS transactions consisting of 123 loans totaling $2.1 billion and was actively special servicing five CMBS loans totaling $440 million.
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.
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Fitch Ratings, New York
Richard Carlson, +1-312-606-2373 (Chicago)
Brook Sutherland, +1-312-606-2346 (Chicago)
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com
