Fitch Upgrades Talmage, LLC CMBS Large Loan Special Servicer Rating

NEW YORK--(BUSINESS WIRE)--Fitch Ratings upgrades Talmage, LLC's (Talmage) commercial mortgage-backed securities (CMBS) large loan special servicer rating to 'CLLSS3+' from 'CLLSS3'. The upgrade reflects Talmage's continued experience working out commercial real estate loans, specifically highly structured large balance loans as well as the company's experienced and tenured asset managers. The rating is also based on the strong industry experience and company tenure of the company's senior management team, its role in many high-profile loan restructurings, adequate internal control environment, and its well-documented business plans and policies and procedures.

As of Sept. 30, 2012, Talmage was named special servicer on five CMBS loans and is actively specially servicing two loans representing $564.4 million in unpaid principal balance. Talmage has resolved eight securitized CMBS loans as the named special servicer and participated in the workout of 18 commercial mortgage loans as either a debt holder or third-party advisor, all totaling approximately $40 billion since 2009.

Talmage is an independently owned, Delaware limited liability company formed in 2003 to manage, advise, and invest in various private equity real estate funds, separate accounts, and commercial real estate debt obligations. The company is a commercial real estate special servicer and advisor with expertise in large loan transactions and CDOs. The company, which is headquartered in New York City, underwent a rebranding in 2012, as it was formerly known as GSREA, LLC.

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. 13, 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

Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699690

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