Fitch Takes Various Actions on CTIMCO's Commercial Servicer Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has taken the following rating actions for CT Investment Management Co., LLC (CTIMCO):

--Commercial special servicer affirmed at 'CSS2-' and withdrawn;

--Commercial loan level special servicer rating assigned at 'CLLSS2'.

The loan level special servicer rating reflects CTIMCO's strong management and asset management team, experience resolving large complex loans, and continued improvements in technology related to the integration within The Blackstone Group L.P. (Blackstone). The rating also reflects the more limited control infrastructure and the financial support provided by Blackstone.

CTIMCO is a wholly-owned subsidiary of Blackstone Holdings I L.P., a subsidiary of Blackstone. CTIMCO was acquired by Blackstone in Dec. 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 14 years and has acted as a CMBS special servicer for over nine years, with a concentration on restructuring large loans in CMBS transactions. The group is located in New York City, with a staff of eight 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' (Jan. 30, 2014).

Applicable Criteria and Related Research:

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

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

Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=731750

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982776

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Fitch Ratings, Inc.
Primary Analyst
James Bauer
Director
+1-212-908-0343
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Adam Fox
Senior Director
+1-212-908-0869
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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