Fitch Affirms CTIMCO's Commercial Servicer Rating

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed CT Investment Management Co., LLC's (CTIMCO) commercial loan-level special servicer rating at 'CLLSS2'.

The loan-level special servicer rating reflects CTIMCO's strong management and asset management team, experience resolving large complex loans, and continued incremental improvements in technology. The rating also reflects the integration of CTIMCO into the Blackstone platform as well as the financial support of its parent.

CTIMCO is a wholly-owned subsidiary of Blackstone Holdings I L.P., a subsidiary of Blackstone. CTIMCO was acquired by Blackstone in December 2012, and Fitch's servicer rating is predicated on the employees, technology, financial condition and controls that have since been integrated into and are part of the Blackstone Real Estate Debt Strategies group (BREDS). CTIMCO serves as the special servicing entity for the larger BREDS platform.

CTIMCO has been resolving commercial real estate loans for over 16 years and has acted as a CMBS special servicer for over nine years; however, the company's current focus is on non-CMBS loans with a concentration on transitional properties, construction, or redevelopment opportunities. The group is located in New York City, with a staff of eleven BREDS employees performing asset management functions, and is supported by 15 Accenture employees in Chennai, India, performing data-entry functions related to property-level operating statements. The staff in India is dedicated to CTIMCO.

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

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 14, 2014;

--'Rating Criteria for Structured Finance Servicers' Apr. 30, 2015.

Applicable Criteria

Rating Criteria for Structured Finance Servicers (pub. 23 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864375

U.S. Commercial Mortgage Servicer Rating Criteria -- Effective Feb. 18, 2011 to Feb. 14, 2014 (pub. 18 Feb 2011)

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

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001256

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160321006141/en/

Fitch Ratings
Primary Analyst
James Bauer
Director
+1-212-908-0343
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Andrew Foster
Director
+1-212-908-0714
or
Committee Chairperson
Daniel Chambers
Managing Director
+1-212-908-0782
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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