Fitch Ratings revised its watch on Capmark Finance‘s commercial mortgage-backed securities (CMBS) servicer rating to “evolving” from “negative” on Wednesday. The news follows an announcement last week that the company will sell its North American servicing and mortgage bankings businesses to Berkadia III, a joint entity owned by billionaire investor Warren Buffet’s Berkshire Hathaway (BRK-A: 99199.8984 +0.81%) and Leucadia National Corporation (LUK: 25.02 +0.81%). Capmark is in negotiations over the planned sale but expects to retain servicing management and staff through the transition. Fitch’s evolving watch indicates the firm may downgrade, affirm or upgrade Capmark’s CMBS servicer ratings depending upon whether the transaction completes. Company officials said in an earnings statement the sale arrives as part of an attempt to restructure businesses and avoid a potential Chapter 11 bankruptcy filing. On Tuesday, Fitch downgraded Capmark Financial Group‘s issuer default rating to single-C from single-B minus following the Q209 financials. Write to Diana Golobay.
Fitch’s Watch of Capmark Evolves with Mortgage Segment Sale
Most Popular Articles
Latest Articles
Download these 9 real estate prospecting letter templates that actually work
Build your business with direct mail using these expert-written real estate prospecting letter templates.
-
14 powerful tips to master networking as an introvert in real estate
-
Fintech startup Hitch rolls out white-label HELOC product
-
6 best real estate schools in Washington (WA) for 2024
-
Rick Roque departs CrossCountry Mortgage to join Sierra Pacific
-
Brokerage executives double down on their lead generation strategies