Fitch Affirms GEMSA's CMBS Servicer Ratings

NEW YORK--()--Fitch Ratings has affirmed GEMSA Loan Services' (GEMSA) commercial mortgage-backed securities (CMBS) primary servicer ratings at 'CPS1' and master servicer rating at 'CMS1-'.

The primary and master servicer ratings reflect Fitch's assessment of GEMSA's experienced management team, its seasoned servicing and asset management staff, effective internal controls, and the company's continued strong use of technology. Additionally, the rating reflects the support and financial strength of its joint venture partners, GE Commercial Finance Real Estate and CBRE Capital Markets. GEMSA experienced 2% net growth in its servicing portfolio by loan balance as of September 2012 due to increased originations in life company portfolios and multifamily agency product.

As of June 30, 2012, GEMSA's total servicing portfolio was composed of 9,557 loans totaling $94.3 billion, of which GEMSA was the primary servicer (with an external master) for 2,662 loans totaling $12.2 billion in 63 CMBS transactions. At the same date, the company was named master servicer for four CMBS transactions totaling $3 billion, and overseeing six primary servicers that serviced 117 loans totaling $1.3 billion.

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:

GEMSA Loan Services

--Primary servicer rating affirmed at 'CPS1';

--Master servicer rating affirmed at 'CMS1-'.

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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Contacts

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

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Contacts

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