Fitch Affirms Hudson Americas LLC's CMBS Servicer Rtgs

NEW YORK--()--Fitch Ratings affirms the commercial mortgage-backed securities (CMBS) servicer ratings for Hudson Americas LLC (Hudson), as follows:

--Primary servicer rating affirmed at 'CPS3+';

--Special servicer rating affirmed at 'CSS2'.

The primary servicer rating reflects an assessment of the company's historically effective primary servicing operations albeit for a small loan portfolio. The special servicer rating considers Hudson's continued ability to work out and liquidate commercial real estate (CRE) loans and assets, its history with its affiliate Lone Star Funds, and its fundraising track record through the economic cycles. Both ratings consider the company's commitment to technology and the hiring of experienced employees to manage a larger CMBS and CRE portfolio.

As of Sept 30, 2012, Hudson was named special servicer for 129 loans in one CMBS transaction sponsored by Lone Star, totaling $288.9 million, and was actively specially servicing 12 CMBS loans totaling $36.5 million. In addition, the company was special servicing 990 non-CMBS loans including real estate owned (REO) with $4.8 billion unpaid principal balance. As of the same date, the company was not primary servicing any loans. In November 2012, the company boarded more than 100 loans for primary servicing.

Hudson Americas is the U.S. subsidiary of Hudson Advisors, a full-service CRE and asset management company with affiliates worldwide. Hudson Advisors was established to underwrite, manage, restructure, and service commercial real estate assets of the Lone Star funds.

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:

--Servicer Rating Criteria' (Feb. 18, 2011);

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010).

Applicable Criteria and Related Research:

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

U.S. Commercial Mortgage Servicer Rating Criteria

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

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Contacts

Fitch Ratings
Primary Analyst
Howard Miller, +1 212-908-0737
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Brook Sutherland, +1 312-606-2346
Director
or
Committee Chairperson
Daniel Chambers, +1 212-908-0782
Managing Director
or
Sandro Scenga,+1 212-908-0278 (New York)
Media Relations
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Howard Miller, +1 212-908-0737
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Brook Sutherland, +1 312-606-2346
Director
or
Committee Chairperson
Daniel Chambers, +1 212-908-0782
Managing Director
or
Sandro Scenga,+1 212-908-0278 (New York)
Media Relations
sandro.scenga@fitchratings.com