TEXT - Fitch affirms Holliday Fenoglio Fowler LP

Tue Nov 13, 2012 11:04am EST

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Nov 13 - Fitch Ratings affirms Holliday Fenoglio Fowler, L.P.'s (HFF) commercial mortgage-backed securities (CMBS) primary and special servicer ratings of 'CPS2' and 'CSS3'. The primary servicer rating reflects Fitch Ratings' assessment of HFF's experienced and tenured management and staff. It also reflects HFF's long history as a commercial mortgage primary servicer, including for life insurance companies, Freddie Mac, and its demonstrated ability to effectively primary service CMBS loans. HFF has been a primary servicer for 38 years and an active CMBS primary servicer for 10 years, albeit often as a non-cashiering primary servicer. The company processes cash for non-CMBS lenders and CMBS lenders pre-securitization. The special servicer rating reflects Fitch's assessment of the company's ability to work out and manage commercial mortgage loans for insurance companies and other institutional lenders. The firm does not specially service CMBS loans but is named asset manager for life insurance companies performing special servicing functions on a limited basis. Both ratings reflect the broad real estate resources of HFF. As of June 30, 2012, HFF's servicing portfolio consisted of 2,161 commercial mortgage loans totaling $28.9 billion, of which 662 loans totaling $10.4 billion was CMBS. As of the same date, HFF's special servicing portfolio consisted of 27 loans totaling $303.9 million. HFF does not currently specially service any securitized loans. 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.

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