Fitch Affirms Pacific Life’s CMBS Servicer Ratings
Fitch Ratings-Chicago-October 19, 2005: Fitch Ratings affirms Pacific Life Insurance Company’s (Pacific Life) primary servicer rating of ‘CPS1′, its master servicer rating of ‘CMS2+’, and its special servicer rating of ‘CSS2′. Each of the ratings considers the experienced management and loan servicing team and the financial strength of Pacific Life. The primary servicer rating reflects Pacific Life’s proven ability to service loans in commercial mortgage-backed security (CMBS) transactions. The master servicer rating considers Pacific Life’s CMBS reporting capabilities and the company’s excellent interaction with Fitch’s CMBS performance analytics group. The special servicer rating reflects Pacific Life’s ability to work out and resolve commercial mortgage loans and real estate owned properties in CMBS transactions. The ratings also reflect Pacific Life’s continued commitment to a detailed quality control plan and its strong cash management procedures.
As of Sept. 30, 2005, Pacific Life’s total servicing portfolio consisted of 725 loans totaling $9.9 billion, of which approximately $3.9 billion was CMBS. As of the same date, Pacific Life was named master servicer on 16 CMBS transactions, overseeing three primary servicers who serviced five loans totaling $116 million, and was named special servicer on 13 CMBS transactions totaling $1.5 billion.
Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, 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. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled ‘Commercial Mortgage Servicer Rating Criteria’, dated April 11, 2002, available on the Fitch Ratings web site at ‘www.fitchratings.com’.
Contact: Richard Carlson +1-312-606-2373 or Britt Johnson +1-312-606-2341, Chicago.
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