Fitch Affirms ColumbiaNational's Primary Servicer Ratings

NEW YORK--()--Fitch Ratings affirms ColumbiaNational Real Estate Finance, LLC's (CNREF) commercial mortgage-backed securities (CMBS) primary servicer rating of 'CPS2-'. The primary servicer rating reflects Fitch's assessment of CNREF's long history of primary servicing experience through predecessor companies, effective internal control environment managed through detailed policies and procedures and technology, and experienced and tenured management and staff.

CNREF was established in 1939 to originate, sell, and service both residential and commercial mortgage loans. CNREF is a full service commercial mortgage banking firm that retains and services approximately 80% of all new loans originated by the company, and the majority of CNREF's servicing portfolio is composed of life company and agency loans; however, the company is also an active primary servicer in 44 CMBS transactions. Approximately 16% of the company's servicing portfolio is CMBS.

As of June 30, 2012, CNREF's total servicing portfolio consisted of 361 loans totaling $3.6 billion. As of the same date, the company acted as primary servicer on 71 CMBS loans, totaling $572.1 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.

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
James Bauer, +1-212-908-0343
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Howard Miller, +1-212-908-0737
Director
or
Committee Chairperson
Adam Fox, +1-212-908-0869+
Senior Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
James Bauer, +1-212-908-0343
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Howard Miller, +1-212-908-0737
Director
or
Committee Chairperson
Adam Fox, +1-212-908-0869+
Senior Director
or
Media Relations
Sandro Scenga, +1-212-908-0278 (New York)
sandro.scenga@fitchratings.com