CIGNA Affirmed As 'Above Average'

CIGNA Investments has been affirmed as an "above average" commercial mortgage special servicer by rating agency Standard & Poor's.

S&P said the affirmation is based on the company's "solid and highly tenured management team, fully documented and proactive procedures for loan monitoring, workouts, property oversight, sound control mechanisms (including an improved internal audit process), and effective reporting capabilities."

S&P also said CIGNA's automated loan review process serves to identify potentially troubled loans and promote a proactive asset resolution process.

The rating agency also said CIGNA "has made progress consolidating and streamlining its systems environment for improved data management asset-tracking efficiency."

While saying CIGNA has a solid history of successfully restructuring troubled mortgage loans, the rating agency noted that CIGNA only is named a special servicer on two transactions and limits its special servicing role to deals in which it has contributed its own loans.

As of June, CIGNA's special servicing volume consisted of 17 loans and two REO assets totaling $343.6 million. CIGNA's total commercial mortgage portfolio consisted of 299 loans for $9.2 billion. In addition, the company managed a $3.1 billion equity real estate portfolio consisting of 88 properties.

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