Fitch upgrades Securitiser Ratings
27 April 2015
Charter Court Financial Services Limited (CCFS), which operates under the brand names of Precise Mortgages and Exact Mortgage Experts, and is the issuer of the Precise Mortgage Funding PLC (PMF) securitisation programme has received upgrades from Fitch of its Primary and Special Servicing ratings as follows:
The improved financial condition of CCFS has helped to drive the ratings upgrades. CCFS was awarded a banking licence on 6th January 2015 and in doing so the business met the Basel III liquidity ratio requirements as well as undergoing an intensive review by the Prudential Regulation Authority.
The ratings reflect the high level of industry experience amongst the senior management team. Stability of this group is demonstrated by the fact there have been no departures from the leadership team since Fitch’s first review of the company in 2012.
The upgrade acknowledges the addition of an outsourced internal audit programme to an experienced third party supplier which further enhances the risk management framework of the business. The outsourced audit cycle is now in its second year and has completed eight audits to date. Fitch has taken a positive view of the independent review of the company’s processes.
Simon Allsop, Head of Securitisation at CCFS commented: “The ratings upgrades confirm that CCFS is one of the leading servicers of securitised pools of assets in the UK; something that is further demonstrated by the arrears performance of the 6 public transactions on which we are named servicer.”
Sebastien Maloney, Chief Financial Officer at CCFS added: “we have issued over £800m in our PMF securitisation programme so far and the recognition of our improved financial strength by Fitch is good news for existing and future investors.”
For further information, please download the reports from Fitch Ratings’ websites.