Servicer Ratings.

CHICAGO -- Fitch Ratings affirms Situs Asset Management's (Situs) commercial mortgage-backed securities (CMBS) primary servicer rating at 'CPS3+' and special servicer rating at 'CSS3+'.
The primary servicer rating is based on Situs' experienced servicing managers and employees, its surveillance capability and the maintenance of the company's thorough quarterly asset review program. The special servicer rating is based on the commercial real estate experience of the company's special servicing management and the continued expansion of the special servicing team, including the addition of several experienced asset managers. Additionally, both ratings reflect the experience of the company's principals who have proven success with current market participants such as government entities, investment banks and other institutional investors
As of Sept. 30, 2010 Situs' primary servicing portfolio consisted of 4,584 loans totaling $10.7 billion. At the same date, Situs was named special servicer for four CMBS loans totaling $154.7 million, including two actively specially serviced assets totaling $100.9 million and one CMBS REO asset valued at $17 million. In addition, the company is responsible for the special servicing of 1,794 non-CMBS loans totaling $1.9 billion and 60 REO properties valued at $106 million.
The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Sept. 10, 2010, and 'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010, available on Fitch's web site 'www.fitchratings.com'.
Fitch has taken the following rating actions:
Situs Asset Management
--Primary servicer rating affirmed at 'CPS3+';
--Special servicer rating affirmed at 'CSS3+'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' Sept. 10, 2010;
--'Global Rating Criteria for Structured Finance Servicers' Aug. 16, 2010.
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