Japan-based Global Asset Management Co., a subsidiary of RECRM Research Co. Ltd., will service Japan's commercial mortgage-backed securities transactions and it has recently received a rating of CSS3 from Fitch, a first special servicer rating from the agency.
Fitch's rating, based on a scale of one to six, lands the company directly in the middle among special servicers of commercial mortgages. Considering that Japan is a new player in the CMBS market, the rating agency expressed concerns about "the short tenure of professionals with the young company."
Mitigating these concerns are the fact that the company has "an extensive track record in servicing for third-party investors" and the fact that the asset managers have substantial experience, gained prior to joining the company, in the mortgage loan servicing business."
Strengths that Fitch cited in its report on the company included the fact that the company "has managed assets in excess of 346 billion" and has "qualified specialists in its research department."
Global Asset Management Co. was originally formed in 1999 and liscensed by Japan's Ministry of Justice to work out assets for several U.S. institutional investors.