Servicer Evaluation: SN Servicing Corp.

Standard & Poors, May 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Abstract
Standard & Poor's Ratings Services today assigned its AVERAGE overall rankings to SN Servicing Corp. (SNSC) as a small-balance commercial mortgage servicer and a small-balance commercial mortgage special servicer. The outlook is stable. The overall servicer and special servicer rankings reflect AVERAGE subrankings for management and organization, loan administration, and special servicing in each category. However, because our current assessment of the company's financial position is Insufficient, we have not included the company on our Select Servicer List. In general, the rankings reflect our opinion that SNSC's servicing operations are subject to both adequate policies and procedures and adequate control measures. Moreover, we consider the company's early-stage collections and default management procedures to be suitably proactive. Slightly offsetting these strengths,...

Companies mentioned in this report are: SN Servicing Corp.
Action: New Ranking

SN Servicing Corp.

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