Fitch Ratings has upgraded Centerline Servicing Inc.'s (CSI) primary commercial mortgage-backed securities (CMBS) servicer rating to CPS2- from CPS3+ and its special servicer rating to CSS1- from CSS2.
Fitch says the ratings are based primarily on Centerline's operational strength, its ability to attract and retain qualified staff and the overall financial condition of the company. On Dec. 3, 2009, Fitch downgraded CSI's CMBS servicer ratings based on the financial condition of its parent company, Centerline Capital Group. CSI's servicer rating upgrades are due to the improved financial condition of CSI following its acquisition from Centerline Capital Group by an Island Capital affiliate, C-III Capital Partners LLC (C-III), on March 5.
C-III has indicated that it plans to retain CSI's servicing management and staff, its servicing and asset management systems, and its policies and procedures.
As of Dec. 31, 2009, CSI was named special servicer on 81 CMBS transactions totaling $108.5 billion and was specially servicing 520 loans and real estate owned assets totaling $7 billion. As of the same date, CSI was primary servicer for 1,947 loans totaling $19.7 billion.
SOURCE: Fitch Ratings