Situs Asset Management LLC And Situs Holdings LLC ABOVE AVERAGE Servicer Rankings Affirmed; Outlooks Stable

  • We affirmed our overall ABOVE AVERAGE rankings on Situs Asset Management LLC (SAM) as a commercial mortgage loan primary servicer and Situs Holdings LLC (SH) as a commercial mortgage loan special servicer.
  • Founded in 1985, Situs Group LLC (Situs) and its subsidiaries, including SAM and SH, which together serve as the servicing arm of Situs, are global providers of outsourced services to the commercial real estate industry.
  • The outlooks are stable.
DALLAS (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings today affirmed 
its ABOVE AVERAGE rankings on Situs Asset Management LLC (SAM) as a commercial 
mortgage loan primary servicer and Situs Holdings LLC (SH; collectively, 
Situs) as a commercial mortgage loan special servicer. The outlooks are 

Our rankings reflect Situs':
  • Experienced senior management team, albeit with some notable turnover since our last review;
  • Effective technology systems and extensive disaster recovery plans;
  • Well-defined operational processes and established policies and procedures; and
  • Solid history of special servicing loan resolutions
Since our prior review in July 2017, the following changes or developments 
have occurred at Situs:
  • In June 2018, the Executive Managing Director (EMD) responsible for Strategic Platforms and Assets under Management retired from the company. The position was filled by an EMD from outside the company who has substantial experience in banking and financial services.
  • In April 2018, a Director of Asset Management was hired to provide oversight of the performing loan asset management team, allowing the prior director to focus primarily on complex performing asset management functions.
  • In August 2018, a new general counsel was hired to manage the legal department and direct legal strategy following the departure of the prior general counsel.
  • Situs established a new vendor management process to more effectively manage its vendor relationships.
The stable outlooks reflect Situs' business strategy, which appears 
reasonable. At the same time, despite recent senior management turnover, the 
company continues to enhance its processes, invest in technology, and maintain 
solid controls. 

The financial position is SUFFICIENT.
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