Fitch Affirms BNY Mellon's Commercial Mortgage Servicer Ratings

Fitch Ratings has affirmed the commercial mortgage servicer ratings for BNY Mellon (BNYM) as follows:

--Primary servicer rating at 'CPS2';

--Master servicer rating at 'CMS3+';

--Special servicer rating at 'CSS3'.

The primary servicer rating reflects Fitch's assessment of the company's ability to effectively service commercial mortgage loans and esoteric assets on both a one-off basis and for securitized transactions. The master servicer rating reflects an assessment of BNYM's procedures and controls for reporting and remitting to CMBS trustees. The special servicer rating reflects BNYM's limited traditional commercial real estate portfolio and workout experience. Each of the ratings considers the financial strength of The Bank of New York Mellon Corporation (the bank).

BNYM is part of the bank's corporate trust division and performs master, primary and special servicing functions for commercial mortgage loans on a third-party basis. BNYM, headquartered in Irving, TX, employs 41 servicing-related employees involved in various servicing functions, including CMBS and non-CMBS commercial real estate, syndicated agent, asset-backed securities, and franchise servicing. Of the employees, 16 are focused on commercial mortgage primary, master, and special servicing.

As of Dec. 31, 2013, BNYM's total commercial mortgage servicing portfolio consisted of 219 loans totaling $1.6 billion (down from 452 loans and $3.4 billion as of Dec. 31, 2012). Also as of Dec. 31, 2013, the company was the master servicer on six transactions comprising 51 CMBS loans totaling $1.5 billion. As of the same date, BNYM was the named special servicer for two CMBS transactions totaling $1.3 billion containing three loans. Additionally, the company was actively special servicing 10 non-CMBS loans totaling $6.2 million.

The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and 'Rating Criteria for Structured Finance Servicers' dated Feb. 6, 2013, available on Fitch's web site www.fitchratings.com.

Additional information is available at -www.fitchratings.com.

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'Rating Criteria for Structured Finance Servicers' (Feb. 6, 2013).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=699690

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=816410

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