Fitch Affirms Bank of New York Mellon's CMBS Servicer Ratings

Business Wire,  July 9, 2008  

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NEW YORK -- Fitch Ratings affirms The Bank of New York Mellon Asset Solutions Division's (BNYMAS) commercial mortgage-backed securities (CMBS) primary servicer rating at 'CPS2-' its master servicer rating at 'CMS3', and its special servicer rating at 'CSS3'.

The primary servicer affirmation is based on BNYMAS' demonstrated ability to effectively service mortgage loans in commercial mortgage-backed securities (CMBS) transactions, including transactions with esoteric assets, such as cell phone towers and timber land. The master servicer rating reflects BNYMAS' ability to oversee third-party servicers and report and remit to CMBS trustees. The special servicer rating is based on BNYMAS' experienced loan workout and asset management staff. Each of the ratings also considers the company's experienced senior management team, its quality control practices and the financial strength of The Bank of New York Mellon.

As of March 31, 2008, BNYMAS' total commercial mortgage primary servicing portfolio consisted of 962 loans totaling $5.8 billion of which 105 loans totaling $4.8 billion were CMBS. As of the same date, the company was named master servicer on 12 CMBS transactions totaling $5.1 billion and oversaw one external primary servicer that serviced 152 loans totaling $384.6 million. Also at the same date, BNYMAS was the named special servicer for three U.S. CMBS transactions consisting of 10 loans totaling $3.0 billion.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'U.S. Commercial Mortgage Servicer Rating Criteria', dated September 14, 2007, available on Fitch's web site, www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.

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