Fitch Upgrades ORIX’s CMBS Special Servicer Rating

Fitch Ratings has upgraded ORIX Capital Markets' commercial mortgage-backed securities (CMBS) special servicer rating to CSS2 from CSS3+, the rating agency says.

The upgrade is based on the real estate experience of OCM's senior asset managers and company management team and the company's recent additions to workout and surveillance staff to handle its increased CMBS special servicing portfolio, which has more than doubled over the past year.

The rating is also based on OCM's continued commitment to technology and the financial strength of OCM's ultimate parent parent, ORIX Corp.

As of June 30, OCM was named special servicer on 22 CMBS transactions totaling $10.8 billion. On that date, they were actively special servicing 77 loans totaling $781 million and managing 28 real estate owned assets valued at $146 million.

SOURCE: Fitch Ratings


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