Find out how this major commercial mortgage industry company fared
Fitch Ratings has affirmed commercial mortgage provider First National Financial LP’s servicer ratings.
First National’s CMBS Loan Level Special Servicer rating was affirmed at CLLSS3+, unchanged from its prior rating. Also unchanged were the provider’s CMBS Master Servicer rating at CMS3+, and its CMBS Primary Servicer rating at CPS2-.
In its announcement of First National’s ratings, Fitch said that the affirmation of the provider’s primary and master servicer ratings “reflects the servicing group’s strong sponsorship support, experienced management team with key person risk, continued efforts to add experienced staff to build depth, sufficient internal controls with a history of annual internal audits, dedication to maintaining servicing technology, and the financial condition of First National’s parent.”
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“The master servicer rating also considers potential advancing obligations for CMBS transactions under stressed scenarios, which are mitigated by available liquidity and historically low Canadian delinquency rates as well as investment-grade rated backup advancing agents,” Fitch added.
Meanwhile, the affirmation of First National’s loan level special servicer rating reflects its “stable and experienced asset management team, continued demonstrated capabilities resolving commercial mortgage loans, and the nature of the Canadian commercial mortgage market with a limited number of defaults,” Fitch said.
