Fitch Ratings has affirmed Protective Life Insurance Co.'s commercial mortgage-backed securities (CMBS) primary-servicer rating of CPS3+, master-servicer rating of CMS3 and special-servicer rating of CSS3+.
The primary-servicer rating reflects the company's demonstrated ability to service loans in CMBS transactions. The master-servicer rating is based on Protective Life's ability to monitor correspondents and the financial strength of Protective Life Corp. The special-servicer rating considers Protective Life's ability to manage and work out nonperforming commercial real estate loans and seasoned asset managers.
All ratings consider the company's seasoned and tenured management team with minimal turnover and a stable servicing platform, Fitch says.
As of the end of March, Protective Life's total primary-, master- and special-servicing portfolio was comprised of 1,835 loans with an outstanding principal balance of $4.9 billion, of which 289 loans totaling $906.4 million were CMBS.
