Capmark CMBS Servicing Placed On Rating Watch Negative

Fitch Ratings has downgraded the corporate rating for Capmark Financial Group. Consequently, the commercial mortgage-backed securities (CMBS) servicer ratings for the group's subsidiary, Capmark Finance Inc., have been placed on Rating Watch Negative.

Fitch has rated Capmark Finance's primary servicer, master servicer and special servicer ratings at CPS1-, CMS1- and CSS1, respectively.

Fitch says it will continue to closely monitor the financial condition of Capmark Financial Group and the operational performance of Capmark Finance and will take ratings actions or provide further commentary, as necessary.

As of Dec. 31, 2008, Capmark Finance's total primary servicing portfolio comprised 34,040 loans with an unpaid principal balance of $250.8 billion, of which 17,659 loans totaling $136.6 billion were CMBS. As of that date, Capmark was named master servicer on 295 CMBS transactions. Also as of Dec. 31, 2008, Capmark was named special servicer on 116 CMBS transactions with an outstanding balance of $49.2 billion. At that time, the company actively specially serviced 150 CMBS loans totaling $1.07 billion, and managed 43 CMBS real estate owned properties valued at $267 million.

SOURCE: Fitch Ratings


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