Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

Fitch Affirms ORIX Capital Markets' Special Servicer Rating



  Fitch Affirms ORIX Capital Markets' Special Servicer Rating

Business Wire

NEW YORK -- September 23, 2013

Fitch Ratings affirms ORIX Capital Markets, LLC's (OCM) commercial
mortgage-backed securities (CMBS) special servicer rating at 'CSS2'.

Fitch's assessment of OCM incorporates the effects of the June 2013 bulk sale
of defaulted loans on the operations of the company. The sale lead to a large
reduction in OCM's actively specially serviced portfolio, which declined by
87% (by balance) to $197.8 million as of June 30, 2013 from $1.6 billion as of
March 31, 2013. Additionally, the company's CMBS named special servicing
portfolio declined by 28% (by balance) to $5.1 billion from $7 billion for the
same time period, as losses from dispositions removed OCM from control
positions in certain CMBS bonds.

Following the significant reduction of specially serviced loans, the company
experienced high turnover which was confined mostly to the staff level. Fitch
expects the turnover to be isolated, and while turnover for asset managers was
high, OCM retained a strong team of loan workout and real estate owned (REO)
asset managers who average 20 years of industry experience. OCM is named
special servicer on $5.1 billion in 19 CMBS transactions, representing
sizeable potential future transfers.

The special servicer rating also reflects Fitch's assessment of the company's
strong management and experienced asset managers, suitable internal control
environment with thorough policies and procedures, effective use of technology
and the financial strength of OCM's ultimate parent, ORIX Corp.

As of June 30, 2013, OCM was actively special servicing 10 CMBS loans totaling
$75.2 million and six REO assets valued at $80 million.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

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

--Rating Criteria for Structured Finance Servicers' Feb. 6, 2013.

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

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

Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699690

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=802838

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. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
James Bauer
Associate Director
+1-212-908-0343
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Adam Fox
Senior Director
+1-212-908-0869
or
Committee Chairperson
Daniel Chambers
Managing Director
+1-212-908-0782
or
Media Relations:
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement