Fitch Affirms Pacific Life's CMBS Servicer Ratings

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms Pacific Life Insurance Company's, (Pacific Life) primary servicer rating of 'CPS1', its master servicer rating of 'CMS2+' and its special servicer rating of 'CSS2'. Each of the ratings is based on the experienced management and loan servicing team and the company's established operational quality assurance plan. The primary servicer rating reflects Pacific Life's demonstrated ability to service loans in commercial mortgage-backed securities (CMBS) transactions with servicing expertise on large complex loan structures including A/B notes. The master servicer rating is based on Pacific Life's extensive reporting capabilities and the company's continued involvement in CMBS industry groups. The special servicer rating reflects Pacific Life's ability to work out and resolve commercial mortgage loans and real estate owned properties in CMBS transactions. The ratings also reflect the financial strength of Pacific Life.

As of June 30, 2008, Pacific Life's total master/primary servicing portfolio consisted of 556 loans with an outstanding principal balance of $13.5 billion, of which 162 loans totaling $2.3 billion were CMBS. As of the same date, Pacific Life was named master servicer on nine CMBS transactions, overseeing two primary servicers who serviced four loans totaling $52 million. Also as of June 30, 2008 Pacific Life was named special servicer on 13 CMBS transactions for 123 loans totaling $1.8 billion and was actively specially servicing one securitized loan totaling $1 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'U.S. Commercial Mortgage Servicer Rating Criteria', dated Sept. 14, 2007, available on Fitch's web site, www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.