Fitch Affirms ORIX Capital Market's Special Servicer Rating

  Fitch Affirms ORIX Capital Market's Special Servicer Rating

Business Wire

NEW YORK -- October 03, 2012

Fitch Ratings affirms ORIX Capital Markets, LLC's (OCM) commercial
mortgage-backed securities (CMBS) special servicer rating of 'CSS2'. The
special servicer rating is based on the company's strong management and
experienced asset management staff, suitable internal control environment with
thorough policies and procedures, and the company's effective use and
continued development of technology. The rating also incorporates the
financial strength of OCM's ultimate parent, ORIX Corp.

OCM is an active investor in CMBS transactions, which form the overwhelming
majority of its servicing portfolio. As of June 30, 2012, OCM was named
special servicer on 1,230 loans in 22 CMBS transactions with an unpaid
principal balance (UPB) of $8.7 billion. At that time, the company was
actively special servicing 60 CMBS loans totaling $1.2 billion and 50 CMBS REO
assets totaling $425 million.

The servicer rating is based on the methodology described in Fitch's reports
'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and
'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010,
available on Fitch's web site www.fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

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Contact:

Fitch Ratings
Primary Analyst
James Bauer
Associate Director
+1-212-908-0343
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Adam Fox
Senior Director
+1-212-908-0869
or
Committee Chairperson
Christopher Bushart
Senior Director
+1-212-908-0606
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com
 
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