Fitch has raised Prelios Credit Servicing S.p.A.’s rating as a special servicer of NPE portfolios to RSS1- and CSS1- (the previous ratings were, respectively, RSS2+ and CSS2+).
The upgrade reflects the improvements made in credit recovery and administration and the company’s ability to achieve its objectives, including growth in asset volumes, creation of a special UTP management unit ranked at the highest level of competence by Fitch. The improvements are also rooted in solid risk governance and Prelios Credit Servicing’s use of technology, such as artificial intelligence, chatbots, dedicated management systems for NPLs – Phoenix – and UTPs – Pegaso, which are classed in the “1” rating category.
Fitch has also assigned a “1” rating to the on-boarding process, automated drafting of business plans and contractual reports and the significant expertise of the company's senior and middle management.
Prelios Credit Servicing S.p.A. manages NPL and UTP assets with a range of servicing activities outsourced to the subsidiary Prelios Credit Solutions S.p.A. (PreCSo), whose activities fall within the scope of the Prelios Credit Servicing S.p.A. rating.