Fitch Affirms Talmage, LLC's Commercial Mortgage Servicer Rating

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms the commercial mortgage loan level special servicer rating of Talmage, LLC (Talmage) at 'CLLSS3+'.

The rating reflects Talmage's continued experience working out commercial real estate loans, specifically highly structured large balance loans as well as the company's experienced and tenured asset managers. The rating also reflects the strong industry experience and company tenure of the senior management team, internal control environment, technology infrastructure, and its well-documented business plans and policies and procedures.

Talmage is an independently owned, Delaware limited liability company formed in 2003 to manage, advise, and invest in various private equity real estate funds, separate accounts, and commercial real estate debt obligations. The company is a commercial real estate special servicer and advisor with expertise in large loan transactions and CDOs.

As of Dec. 31, 2015, Talmage was the named special servicer on nine CMBS loans in seven different transactions having an unpaid principal balance (UPB) of $3.2 billion, of which one loan with a UPB of $196 million was in special servicing. As of the same date, Talmage was named special servicer for two non-CMBS commercial mortgage loans with a UPB of $338.2 million. Talmage is actively special servicing one of these loans with a UPB of $281 million.

The servicer rating is based on Fitch's methodology, as described in the reports highlighted at the end of the press release.

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=1001367

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/20160323005971/en/

Fitch Ratings
Primary Analyst
Adam Fox
Director
+1-212-908-0869
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, New York, +1 212-908-0278
Email: [email protected]

Source: Fitch Ratings

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