Fitch Upgrades Prudential's CMBS Rating
Fitch Ratings has raised Prudential Asset Resources' primary CMBS
servicer rating to "CPS2" from "CPS2-minus," the rating agency said.
Fitch also raised Prudential's special servicer rating one notch to "CSS2-minus" from "CSS3-plus." And Fitch affirmed the company's master servicer rating at "CMS2-minus."
Fitch said the ratings reflect the solid industry experience of Prudential's servicing management and staff. The primary servicer upgrade also reflects Prudential's recent servicing system consolidation, Fitch said.
As of March 31, Prudential Asset Resources serviced 6,086 commercial mortgage loans totaling $46.9 billion, of which $9.3 billion were CMBS loans. Prudential was also named master servicer on 18 CMBS transactions overseeing four primary servicers, who serviced 69 loans totaling $440 million. And Prudential was named special servicer on 10 CMBS transactions.
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