Fitch Ratings affirms Babson Capital Management's (Babson Capital) commercial mortgage-backed securities (CMBS) primary servicer rating of 'CPS2' and special servicer rating of 'CSS2'.

The servicer ratings are based on Babson Capital's ability to service and workout commercial mortgage loans and meet investor demands. The special servicer rating reflects the company's ability to effectively manage and liquidate non-performing commercial mortgage loans, as well as its strong research capabilities.

Both ratings consider the strong real estate experience of Babson Capital's employees as well as the experienced management team. Additionally, the ratings reflect the financial strength of its parent, Massachusetts Mutual Life Insurance Company.

As of June 30, 2007, the company's servicing portfolio consisted of 59 loans totaling $12 billion. As of the same date, the company was named special servicer for 537 loans, totaling $9.4 billion.

Fitch rates commercial mortgage servicers on a scale of 1 to 5, with 1 being the highest rating. Within each rating level, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For a description of Fitch's rating criteria, see Fitch Research "Rating US Commercial Mortgage Servicers," dated June 09, 2006, available on Fitch's web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.