Fitch upgrades Precise’s servicer ratings
Its UK Primary Servicer Rating has been upgraded to ‘RPS2-‘ from ‘RPS3+’ and its UK Special Servicer Rating was upgraded to ‘RSS2’ from ‘RSS2-’.
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.
Alan Cleary, managing director of Precise Mortgages, commented: “We continue to develop our specialist lending proposition for our intermediary partners and this positive news confirms that our strategy is being successful.”