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
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.