OREANDA-NEWS. August 03, 2015. Fitch Ratings has maintained UniCredit Credit Management Bank S.p.A.'s (UCCMB) Italian residential and commercial mortgage special servicer ratings of 'RSS1-' and 'CSS1-', respectively, on Rating Watch Negative (RWN).

Fitch initially placed UCCMB's ratings on RWN on 20 February 2015, following the announcement on 11 February 2015 that a consortium between Fortress Investment Group LLC (Fortress, BBB/Stable/F2) affiliates and Prelios Group has agreed the acquisition of its platform. UCCMB has now advised that the acquisition is solely through Fortress affiliates.

The RWN reflects the ongoing uncertainties surrounding the sale, which has yet to be completed, and the potential negative impact driven by the loss of Unicredit S.p.A.'s (BBB+/Stable/F2) financial support. For these reasons, Fitch cannot yet carry out a full operational assessment and resolve the RWN.

Fortress is already active in the Italian servicing market through its indirect ownership of Italfondiario S.p.A. (RPS2+/CPS2/RSS1-/CSS1-).

Fitch understands that resolution of UCCMB's sale may take place subsequent to six months in the future. UCCMB's ratings will remain on RWN until Fitch can conduct a full assessment. Depending on the outcome of the assessment, it could result in an affirmation or a downgrade of the servicer ratings.