Fitch Affirms Bank of America's CMBS Servicer Ratings

NEW YORK--()--Fitch Ratings affirms Bank of America's (BofA Merrill Lynch) commercial mortgage-backed securities (CMBS) primary servicer rating at 'CPS1', master servicer rating at 'CMS2+' and special servicer rating at 'CSS2'.

The master and primary servicer ratings reflect BofA Merrill Lynch's servicing experience, commitment to technology, experienced management team, and strong internal control environment. The special servicer rating reflects the experience and tenure of the company's asset managers, the ability of asset managers to resolve defaulted loans, and the presence of policies and procedures to mitigate potential conflicts of interest with third-party clients. Each of the ratings reflects the financial condition of Bank of America Corporation and its commitment to commercial mortgage servicing.

As of June 30, 2012, BofA Merrill Lynch's total commercial mortgage servicing portfolio consisted of 9,497 loans with a principal balance of $110.5 billion of which 3,346 loans totaling $70 billion were CMBS. As of the same date, the bank was named master servicer on 93 CMBS transactions, overseeing 18 primary servicers who serviced 1,100 loans totaling $10.7 billion. Also as of June 30, 2012, BofA Merrill Lynch was named special servicer on 13 large loan and single asset CMBS transactions totaling $14.7 billion and was actively special servicing 10 CMBS loans totaling $2.6 billion.

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 'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010, available on Fitch's web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

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

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

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

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

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