Fitch Lowers Two CMBS Servicer Ratings For CW

Fitch Ratings has downgraded the commercial mortgage-backed securities (CMBS) master- and special-servicer ratings for CW Capital LLC and CW Capital Asset Management LLC (CWCAM), respectively. CW Capital's master-servicer rating was lowered from CMS3+ to CMS3, and CWCAM's special-servicer rating was downgraded from CSS1 to CSS1-.

Fitch affirmed CW Capital's primary-servicer rating at CPS2+.

The downgrades are based on the recent acquisition of CW Financial Services (CWFS) by affiliates of Fortress Investment Group LLC, Fitch says, explaining that Fortress does not have the same creditworthiness of Otera, CWFS' previous owner.

The downgrade does not reflect any concerns with the companies' operations or staffing, Fitch says.

SOURCE: Fitch Ratings


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