Fitch Upgrades Bank Of New York Mellon Ratings

Posted by Orb Staff on July 20, 2009 No Comments
Categories : Commercial Mortgage

imary and master servicer ratings of Bank of New York Mellon's Asset Solutions Division have been upgraded by Fitch Ratings. The company's primary servicer rating was upgraded from CPS2- to CPS2, and its master servicer rating was upgraded from CMS3 to CMS3+. The company also says Fitch affirmed its special servicer rating at CSS3. Fitch's rating actions were based on the recent update of Fitch's commercial mortgage-backed securities (CMBS) servicer rating criteria, which were published June 19. The criteria place increased emphasis on financial strength, employee experience and company participation in the current CMBS market. According to Fitch, The Bank of New York Mellon's primary and master servicer upgrades were ‘due to increased emphasis on financial condition.’ The release also cited the fact that Bank of New York Mellon's scoring in that area was positively impacted during the criteria update. SOURCE: Fitch

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