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Roundup: Pacific Life Gets An Upgrade.(Fitch upgrades Pacific Life Insurance Co.)(Brief Article)
International rating agency Fitch has upgraded Pacific Life Insurance Co.'s primary servicer rating to 'CPS1-minus' from 'CPS2' and affirmed Pacific Life's special servicer rating of 'CSS2' for commercial mortgage loans, saying the company is particularly adept at managing CMBS deals backed by large commercial loans.
Pacific Life also obtained a master servicer rating of 'CMS2' for its ability to provide reporting and remitting services for CMBS trustees and oversee third-party servicers.
Fitch said the primary servicer rating is based on Pacific Life's "demonstrated ability to service mortgage loans in CMBS transactions, the strengthening of its internal quality reviews and its history of excellent interaction with Fitch's surveillance group."
Fitch said Pacific Life is particularly strong at managing CMBS deals that include large commercial mortgage loans.
At the end of Sept., Pacific life was servicing 318 commercial mortgage loans totaling $8.6 billion, about $7.2 billion of which consisted of loans in CMBS transactions. The company also was serving as special servicer on 14 CMBS transactions totaling $3 billion.
CIGNA Upgraded for Special Servicing
New York-CIGNA Investments has seen its special servicer rating get raised to 'CSS2-plus' from 'CSS2' by Fitch.
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