Cerved Information Solutions S.p.A. (MTA: CERV) – parent holding company of the Cerved Group, is pleased to announce that on 16 May 2016 Fitch Ratings has assigned Cerved Credit Management Group S.p.A. (“CCM”) Italian Residential and Commercial Mortgage Special Servicer Ratings at ‘RSS1-‘ and ‘CSS1-‘, respectively.
CCM is controlled by Cerved Group S.p.A. which is in turn 100% controlled by Cerved Information Solutions S.p.A.
The ratings by Fitch Ratings certify the quality of the CCM business, and in particular its demonstrated effective use of a variety of resolution methods, the solidity of its technological assets, and its prudent risk management, leading it to manage a portfolio of assets of Euro 12.5bn as of end December 2015. CCM also benefits from key support functions provided by the Cerved Group, as well as its database on credit information.
These ratings are a key enabler for Cerved to continue to play a leading role in the Italian credit management market, particularly in the light of the acceleration of disposals and outsourcing contracts which Italian banks are expected to implement in the near future, catalysed by a host of reforms launched by the Italian government to allow banks to reduce their exposure to non-performing loans. The ratings are also a relevant requirement for CCM to act as special servicer to special purpose vehicles including those established under the Garanzia Cartolarizzazione Sofferenze (“GACS”) reforms.
Management of CCM highlights that Level 1 Servicer Ratings demonstrate the highest standards in overall servicing ability, and the RSS1- and CSS1- ratings achieved by CCM are at the level of the highest ratings currently issued by Fitch Ratings in Europe.
Source: Cerved Press Release