TEXT - S&P affirms Immofori AG

Thu Jan 10, 2013 12:51pm EST

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(The following statement was released by the rating agency)


OVERVIEW

     -- We have affirmed our ABOVE AVERAGE rankings on immofori as a special 
servicer of residential and commercial mortgages in Germany.
     -- The outlook is stable.
  
LONDON (Standard & Poor's) Jan. 10, 2013--Standard & Poor's Ratings Services' 
has affirmed its ABOVE AVERAGE rankings on Immofori AG (immofori) as a special 
servicer of residential and commercial mortgages in Germany. We have ranked 
immofori since 2007.

Our rankings on immofori reflect our view of the following:
     -- The company has a formal process in place for the preparation and 
approval of its business plan. Ambitious growth projections set for 2012 were 
subsequently revised downward in line with market conditions.
     -- The company has managed a reduction in staff headcount in line with 
its plans. This has been achieved through natural attrition.
     -- Employee training and development has been maintained at a good level 
in 2012.
     -- The company has completed the outsourcing of its internal audit 
discipline in order to create additional independence from operations and 
increase robustness.
     -- Company policies and procedures are currently being fully reviewed.
     -- The company has boarded a number of new portfolios since 2011 creating 
business growth.
     -- Special servicing collection activity levels have been maintained.
 
OUTLOOK

The outlook is stable on immofori as a special servicer of residential and 
commercial mortgages in Germany.

MANAGEMENT AND ORGANIZATION

Our subrankings on immofori for management and organization are ABOVE AVERAGE 
as a special servicer of residential and commercial mortgages in Germany.

LOAN ADMINISTRATION

Our subrankings for loan administration on immofori are ABOVE AVERAGE as a 
special servicer of residential and commercial mortgages in Germany.

FINANCIAL POSITION

We deem the financial position to be Sufficient. From our assessment of the 
company's financial statements, we consider that there is sufficient financial 
strength for immofori to sustain servicing operations for at least the next 12 
to 18 months.

 (Caryn Trokie, New York Ratings Unit)
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