Confirmation of the Fitch Rating for Cribis Credit Management

August, 23, 2019

The Fitch Rating for CRIBIS Credit Management, the CRIF Group company specializing in the outsourced management of collection and NPL management processes, has once again been confirmed for 2019 for its Special Servicer activities in relation to NPL management.

The rating was issued in three different areas of activity:

“RSS2” (residential mortgage-backed securities)
“CSS2” (commercial mortgage-backed securities)
“ABSS2” (secured or unsecured securitized assets)
Fitch Ratings reassigned CRIBIS Credit Management level 2 for a “Servicer Demonstrating High Performance in Overall Servicing Ability” (on a scale from 1 (highest) to 5 (lowest)), recognizing the following specific strengths in relation to CRIBIS Credit Management:

• a growing and constant increase in GBV
• the greater experience of CRIBIS Credit Management employees in the Special Servicer sector
• the profitability of the company on a financial level
• the diverse product offering and growing number of new mandates, which are good indicators of the Servicer’s sustainability
• a financially viable and stable short-term business model
• an interesting mix of training methods
• a high level of automation in the generation of reporting aimed at clients
• the efficiency of business plan monitoring due to the regularity of reviews and the provision of adequate alert systems
• the usefulness of the borrower database which enables the clustering of portfolios and subsequent management and enrichment in the management phase with guided strategies
• the adequacy of the control process followed by the Internal Audit Department
• good documentation of policies and procedures, the regularity of reviews and version control
• a robust security system and adequate IT security measures.