Fitch Assigns Strategic Asset Services, LLC a Commercial Mortgage Special Servicer Rating of 'CSS3'

NEW YORK--()--Fitch Ratings assigns Strategic Asset Services, LLC (SAS) a commercial mortgage special servicer rating of 'CSS3'. The special servicer rating reflects Fitch's assessment of the company's experienced asset management team, effective internal control environment and governance around asset management resolutions and servicing functions, its relationship with H/2 Capital Partners, as well as limited experience acting as special servicer for rated CMBS transactions.

SAS is a special servicer based in New York City that, through its predecessor, has been servicing commercial real estate since 2003. The platform was acquired by the principals of H/2 Capital Partners (H/2) in 2010 to provide primary servicing and asset management for the commercial real estate investments of H/2 and other institutional third-party owners of commercial real estate credit assets. While independent of H/2, SAS shares a common ownership and maintains shared resources.

As of Sept. 30, 2012, SAS was named special servicer on 48 non-CMBS commercial mortgage loans with an unpaid principal balance (UPB) of $5.1 billion and actively special serviced nine loans with a UPB of $1.3 billion and two REO assets with a UPB of $117.1 million. SAS expects to be appointed by H/2 as special servicer on an additional $10.4 billion of CMBS loans and transactions for which H/2 is the controlling class representative.

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
Howard Miller
Director
+1-212-908-0737
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Adam Fox
Senior Director
+1-212-908-0869
or
Committee Chairperson
Daniel Chambers
Managing Director
+1-212-908-0782
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Howard Miller
Director
+1-212-908-0737
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Adam Fox
Senior Director
+1-212-908-0869
or
Committee Chairperson
Daniel Chambers
Managing Director
+1-212-908-0782
or
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
Elizabeth Fogerty, +1-212-908-0526 (New York)
elizabeth.fogerty@fitchratings.com