GMACCM, Lend Lease Servicer Rankings Eyed

In response to the GMACCM announcement, Standard & Poor's placed its commercial mortgage servicer rankings for GMACCM and two Lend Lease business units on CreditWatch.S&P said its Above Average commercial servicer and master servicer rankings for GMACCM have been placed on CreditWatch with developing implications, and its Strong commercial special servicer ranking for that company has been placed on CreditWatch with negative implications. In addition, its Strong commercial servicer and master servicer rankings for CapMark Services and its Strong commercial special servicer ranking for Lend Lease Asset Management LP have been placed on CreditWatch with negative implications, the rating agency said. Citing the magnitude of the acquisition, S&P said it will monitor all the entities "for signs of any operational disruptions in their abilities to fulfill their respective ongoing master, primary, and special servicing obligations." Regarding its special servicer ranking on Lend Lease, S&P said it will "re-examine the depth of the company's revised organizational structure after it transfers many of its asset managers to GMACCM with the special servicing contracts." S&P can be found online at http://www.standardandpoors.com.