Fitch Upgrades BofA Merrill Lynch’s CMBS Servicer Ratings

Fitch Ratings has upgraded Bank of America Merrill Lynch's (formerly Bank of America) commercial mortgage-backed securities (CMBS) primary and special servicer ratings to CPS1 and CSS2, respectively.

The primary servicer rating upgrade is based on Bank of America Merrill Lynch's experienced management and staff, its strong use of technology and the expansion of its comprehensive quality assurance program, Fitch says.

The special servicer rating upgrade reflects the bank's demonstrated ability to manage the increase in its active special servicing portfolio, the strong depth of bank resources such as underwriting and valuation services, and the real estate bench strength of employees throughout the bank.

As of Sept. 30, Bank of America Merrill Lynch's total commercial mortgage primary servicing portfolio consisted of 9,764 loans totaling $131.5 billion, of which 5,388 loans totaling $122.2 billion were CMBS.

As of the same date, the bank was named master servicer for 49 CMBS transactions and oversaw 17 external primary servicers that serviced 1,283 loans totaling $13.6 billion.

Also as of Sept. 30, the bank was the named special servicer for 15 CMBS transactions consisting of 203 loans totaling $20.4 billion and was actively special servicing 13 CMBS loans totaling $707 million. Also at that date, the group was special servicing 29 non-CMBS loans totaling $367 million and was responsible for two non-CMBS bank-owned properties valued at $16 million.

SOURCE: Fitch Ratings


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