KeyCorp Rating is Upgraded
Fitch Ratings has upgraded KeyCorp Real Estate Capital Markets' primary servicer rating to "CPS1-" from "CPS2+" and the servicer's master servicer rating to "CMS2+" from "CMS2."
The rating agency has also affirmed Key's special servicer rating of "CSS2+."
Fitch cites Key's experienced management team and "proactive approach to staff for anticipated growth" for these rating actions.
The upgraded primary servicer rating is also attributed to process improvements and the "implementation of technology enhancements including a borrower website and an insurance requirement tracking module."
And the master servicer rating upgrade is based on "the completion of an investor module and soon-to-be-released website."
Key's special servicer rating reflects its "ability to workout, manage and liquidate nonperforming loans and real estate-owned properties."
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