Fitch confirms the ratings of Prelios Credit Servicing

Apr 17 2014

Prelios Credit Servicing, the Company of Prelios Group specialized in the management of non performing loans, was confirmed its “RSS2” and “CSS2” rating by Fitch rating agency, as special servicer of residential and commercial mortgage loans.

According to Fitch rating, the decision of the Parent Company Prelios S.p.A. to repurchase 20% of Prelios Credit Servicing share capital from Crédit Agricole resulted in full management independence for the Company, which was able to take full advantage of the expertise and experience of the new management.

In fact, the rating company has particularly appreciated the activities of the new Board of Directors and of the CEO Riccardo Serrini, that are aimed at optimizing the structure and at its re-positioning in non-captive activities, thus enlarging its service offering and starting in 2013 19 mandates by many Italian credit institutes and investors.

Finally, Fitch outlook has been positive with regard to the actions undertaken in training and in upgrading the proprietary IT system, that has been considered improved for due diligence activity as well as for NPL management.