NEW YORK, Feb. 11 /PRNewswire/ -- Standard & Poor's today affirmed its
Strong Commercial Mortgage Special Servicer ranking for Citigroup Investments
Inc. (Citigroup), which was formerly ranked under the name of Travelers Real
Estate Investment Group.
The affirmation is based on the notably high level of average experience
and demonstrated knowledge among the management and professional staff, the
company's thorough operating policies and procedures that demonstrate tight
internal controls and an efficient process flow, and a solid technology
environment that provides a high degree of automation. The ranking is further
based on Citigroup's lengthy track record of continual success in resolving
large and complex assets for its parent and affiliated companies with
excellent results. The company also has bolstered its staffing depth for
special servicing and has continued to advance its technology applications as
evidenced by an enhanced real estate equity management system to serve its
expanding equity investment initiatives. Overall, Citigroup has maintained
all of the necessary personnel, systems, and procedural elements required for
responsive and successful special servicing work for CMBS and other
third-party clients.
Based in Hartford, Conn., Citigroup oversees a total debt and equity
investment portfolio of approximately $7 billion. The company is an active
CMBS investor in both investment- and noninvestment-grade positions. While
the company is not currently named as special servicer on any CMBS
transactions, it continues to support the asset management needs of its
parent's direct investments. It also serves as the special servicer and asset
manager for its expanding private investment fund activities, which include
various partnerships with third-party real estate acquisition and development
firms on both the debt and equity side.
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Michael S. Merriam, +1-212-438-2548, or Mark
I. Goldberg, +1-212-438-7779, both of Standard & Poor's
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