Fitch Affirms Ocwen's Special Servicer Rating
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NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms Ocwen Loan Servicing LLC's (Ocwen) commercial mortgage-backed securities (CMBS) servicer rating as follows:
--Special servicer rating at 'CSS2-'.
The servicer rating is 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 'www.fitchratings.com'.
The special servicer rating reflects Ocwen's experienced and tenured asset management staff, its commitment to technology, and its continued dedication to employee training. As of Sept. 30, 2009, Ocwen was the named special servicer for 23 commercial loans totaling $359.8 million, of which $21.8 million was CMBS. At the same date, Ocwen was managing 264 non-CMBS REO properties, valued at $231.6 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'.
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
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