Fitch Ratings has affirmed the ratings of CRIBIS Credit Management - the CRIF Group company specialized in the outsourced management of collection processes and NPL management - as a Special Servicer for Residential, Commercial, and Asset-Backed activities.
This important recognition was achieved in three different areas of activity:
- RSS2+ Residential Special Servicer: residential mortgage-backed securities
- CSS2+ Commercial Special Servicer: commercial mortgage-backed securities
- ABS2+ Asset-backed Special Servicer: secured or unsecured securitized assets
The affirmation follows Fitch's review of CRIBIS Credit Management's business and operations and reflects its robust defaulted loan management processes and controls, as well as risk governance structure.
In particular, Fitch Ratings identified the following strengths of CRIBIS Credit Management:
- Operational and strategic ties with the parent company CRIF
- Good management experience in servicing, banking, and law
- Comprehensive and varied trainingmonitored through a dedicated platform
- Strong risk governance framework
- Efficient controls and recent enhancements of tools (i.e. AML..)
- Highly automated onboarding procedures
- Robust IT infrastructurewith constant updates and enhanced technical support
- Efficient business plan update and monitoring processes
- Availability of detailed disaster-recovery and business-continuity plans, tested annually
Read the rating action commentary on the official Fitch Ratings website.
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