The commercial mortgage-backed securities primary servicer rating of Washington Mutual Bank has been lowered from CPS2-minus to CPS3-plus by Fitch Ratings.WaMu Bank's master servicer rating of CMS3 and its special servicer rating of CSS3 were affirmed, the rating agency said. The downgrade was attributed to the company's high employee and management turnover rates. Among other factors cited were higher-than-average real estate tax penalties in 2006 and the "relatively limited" CMBS servicing experience of the bank's senior management team. Fitch rates commercial mortgage servicers on a scale of 1 to 5, with 1 being the highest rating. Fitch can be found on the Web at http://www.fitchratings.com.
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