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Fitch Affirms BNY Mellon's CMBS Servicer Ratings

  Fitch Affirms BNY Mellon's CMBS Servicer Ratings

Business Wire

NEW YORK -- February 1, 2013

Fitch Ratings affirms the commercial mortgage-backed securities (CMBS)
servicer ratings for BNY Mellon (BNYM), as follows:

--Primary servicer rating affirmed at 'CPS2';

--Master servicer rating affirmed at 'CMS3+';

--Special servicer rating affirmed at 'CSS3'.

The primary servicer rating reflects Fitch's assessment of the company's
ability to effectively service mortgage loans in CMBS transactions and its
servicing of esoteric assets such as cell phone towers and timber land. The
master servicer rating reflects an assessment of BNYM's procedures and
controls for reporting and remitting to CMBS trustees. The special servicer
rating reflects BNYM's limited traditional commercial real estate portfolio.
Each of the ratings considers the financial strength of The Bank of New York
Mellon.

As of Sept. 30, 2012, BNYMS' total commercial mortgage servicing portfolio
consisted of 469 loans totaling $3.7 billion. As of the same date, the company
was the master servicer on seven transactions comprised of 104 CMBS loans
totaling $3.5 billion. Also as of the same date, BNYM was the named special
servicer for three CMBS transactions totaling $3 billion containing 10 loans.
Additionally, the company was actively special servicing 12 non-CMBS loans
totaling $8 million.

BNMY is headquartered in Irving, TX. BNYM employs 43 servicing related
employees involved in various servicing functions, including CMBS and non-CMBS
commercial real estate, syndicated agent, asset-backed securities, and
franchise servicing. Of these employees, 15 are focused on commercial mortgage
primary, master, and special servicing.

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst
Howard Miller, +1-212-908-0737
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Brook Sutherland, +1-312-606-2346
Director
or
Committee Chairperson
Daniel Chambers, +1-212-908-0782
Managing Director
or
Media Relations
Sandro Scenga, +1 212-908-0278 (New York)
sandro.scenga@fitchratings.com