Mortgage News
Kensington sees positives in Fitch report
Kensington Mortgages’ risk and process management systems have improved over the last 12 months despite its special servicer downgrade, according to Fitch Ratings.
Fitch Ratings downgraded Kensington’s UK Residential Mortgage Special Servicer Rating to ‘RSS2+’ from ‘RSS1-‘.
It based its decision on the increased pressure on Kensington’s financial condition and the potential impact which a prolonged economic downturn may have on the company.
However, Fitch said that Kensington’s risk and process management systems had improved.
A statement from Kensington said: “Our Special Servicer Rating remains the highest in the UK and Fitch has recognised this. These improvements have been made against a backdrop of extreme economic uncertainty in the last year and this rating is a reflection of that economic environment.”
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