DBRS Places Capmark Finance Inc.’s Servicer Evaluation Under Review with Developing Implications

DBRS has placed Capmark Finance Inc.’s (Capmark or the Company) Servicer Evaluation Under Review – Developing Implications following the Company’s bankruptcy filing. DBRS notes that the company is endeavoring to restructure, which may include a sale of its commercial mortgage banking and commercial servicing operation. As a result, the commercial servicing operation may emerge from bankruptcy in a more stable financial position.

The ability to service commercial mortgages and act as master servicer for CMBS transactions is not anticipated to be disrupted as a result of the bankruptcy filing. DBRS considers financial condition just one of the many criteria used in determining its servicer evaluation. If the financial condition begins to have impact on the other key components of which the Superior evaluation is based, DBRS may need to lower its evaluation of Capmark Finance Inc. The Company’s ability to retain its senior management and staff, maintain all of its licenses and contracts and at the same time uphold the servicing standard during bankruptcy are central to its ability to maintain DBRS’s highest commercial servicer evaluation.

DBRS will continue to be in contact with the Company during bankruptcy and expects to complete a full review upon the Company’s successful emergence from bankruptcy.