Fitch Affirms Protective Life Insurance Company's CMBS Servicer Ratings

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms Protective Life Insurance Company's commercial mortgage-backed securities (CMBS) primary servicer rating of 'CPS3+', master servicer rating of 'CMS3', and its special servicer rating of 'CSS3+'.

The primary servicer rating reflects the company's demonstrated ability to service loans in CMBS transactions. The master servicer rating is based on the company's ability to monitor correspondents and the financial strength of Protective Life Corporation. The special servicer rating considers Protective Life's ability to manage and work out non-performing commercial real estate loans and seasoned asset managers. All ratings consider the company's seasoned and tenured management team with minimal turnover and stable servicing platform.

As of March 31, 2011, Protective Life's total primary, master, and special servicing portfolio was comprised of 1,835 loans with an outstanding principal balance of $4.9 billion, of which 289 loans totaling $906.4 million was CMBS. Also as of March 31, 2011, Protective Life, while not actively specially servicing CMBS loans, is managing one REO property totaling $3.2 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.

Fitch has taken the following rating actions:

Protective Life Insurance Company's
--Primary servicer rating affirmed at 'CPS3+';
--Master servicer rating affirmed at 'CMS3';
--Special servicer rating affirmed at 'CSS3+'.

Additional information is available at www.fitchratings.com.

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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