GMACCM Ratings Raised
Standard & Poor's Ratings Services removed its commercial mortgage primary and master servicer ratings on GMAC Commercial Mortgage from "credit watch" status in August. At the same time, the rankings were raised to "strong" from "above average."
S&P had placed the ratings on "credit watch" status following an announcement that Lend Lease Corp. would sell components of its real estate debt business and servicing operations to GMACCM. The transaction closed in July of 2003.
The removal from credit watch status and upgrades reflect S&P's view that GMACCM has integrated the CapMark Services portfolios and personnel in an effective manner during the past year, the rating agency said.
GMACCM, based in Horsham, Pa., employed 772 people dedicated to its U.S. servicing portfolio as of May 31, including about 130 people in Ireland, 42 people in India and 65 former CapMark Services staff in Atlanta.
As of June 30, the company's combined master and primary services portfolio totaled $197.1 billion.
Copyright 2004 Thomson Media Inc. All Rights Reserved. http://www.thomsonmedia.com http://www.mortgageservicingnews.com