Fitch Affirms Pacific Life Insurance Company's Commercial Servicer Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has affirmed the commercial real estate (CRE) servicer ratings of Pacific Life Insurance Company (Pacific Life) as follows:

--Commercial primary servicer rating at 'CPS1';

--Commercial loan level special rating at 'CLLSS2+'.

The primary and loan level special servicer ratings reflect Fitch's assessment of the company's demonstrated long history and ability to effectively service commercial mortgage loans. Fitch also considered Pacific Life's robust internal control environment consisting of supervisory reviews and internal quality assurance program, as well as internal and external audits.

The rating also takes into account the highly tenured and experienced servicing staff with no turnover, the firm's technology infrastructure, as well as its established policies and procedures for loan servicing and default resolution.

Pacific Life Insurance Company (Pacific Life, or the company) has originated and serviced its own CRE loans since its inception in 1868, and for third-party investors and clients since the 1970s. CRE lending operations at the company generate $1 billion-$2 billion per year of new, directly serviced commercial mortgages, including a significant number of construction loans. In recent years, Pacific Life's approach to servicing has been to pursue strategic primary and/or special servicing assignments in conjunction with B-note investments. Recent special servicer appointments include COMM 2014-227P and Houston Galleria Mall Trust 2015-HGLR single-borrower transactions as well as Impact 2014-1, a multi-borrower affordable housing transaction.

As of March 31, 2015, Pacific Life was servicing 659 CRE loans totaling $18.1 billion in outstanding balance. As of the same date, Pacific Life was named special servicer on 366 loans in eight CMBS transactions totaling $2.8 billion, none of which are currently in special servicing. Pacific Life is also designated special servicer for 205 non-securitized commercial mortgage loans, of which, five loans totaling $74.9 million are in default. Pacific Life is managing four foreclosed properties representing $40.4 million in outstanding balance. Non-securitized loans, which represent a majority of Pacific Life's named special servicing portfolio, are balance sheet loans originated by Pacific Life and private client loan portfolios.

The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 14, 2014, and 'Rating Criteria for Structured Finance Servicers' dated Apr. 23, 2015, available on Fitch's web site www.fitchratings.com.

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

Applicable Criteria

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

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

Rating Criteria for U.S. Commercial Mortgage Servicers (pub. 14 Feb 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=735382

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=987156

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/20150629006288/en/

Fitch Ratings
Primary Analyst
Adam Fox, +1-212-908-0869
Senior Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Howard Miller, +1-212-908-0737
Director
or
Committee Chairperson
Christopher Bushart, +1-212-908-0606
Senior Director
or
Media Relations, New York
Sandro Scenga, +1-212-908-0278
[email protected]

Source: Fitch Ratings

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