...S&P Global Ratings' rankings on the Federal National Mortgage Association (Fannie Mae) are ABOVE AVERAGE as a commercial mortgage loan master and special servicer. On April 25, 2024, we affirmed the rankings (see "Fannie Mae Commercial Mortgage Loan Master and Special Servicer Rankings Affirmed; Master Ranking Outlook Positive" published April 25, 2024). Our ranking outlooks for the commercial mortgage loan master and special servicer rankings are positive and stable, respectively. Our rankings reflect Fannie Mae's: + Solid depth and breadth of management and staff, with significant industry experience and meaningful company tenure; + Continued dedicated focus on the technology platform and applications, along with extensive data loss protection and oversight; + Comprehensive quality control and audit environment; + Solid multifamily underwriting guidelines and servicer oversight, which benefit from a unique risk-sharing model; + Lengthy track record of special servicing loan resolution...
