Fitch upgrades Special Servicer rating
THE UPGRADE UNDERLINES AMCO’S ABILITY TO PURSUE ITS BUSINESS STRATEGY
Milan, 14 January 2021. AMCO announces that today Fitch Ratings has upgraded AMCO’s commercial, residential and asset-backed special servicer ratings to ‘CSS2’, ‘RSS2’, ‘ABSS2’ from ‘CSS2-’, ‘RSS2-’, ‘ABSS2-’.
Fitch mentions AMCO’s business growth through multiple sources, demonstrating its ability to successfully pursue its business strategy. Among the factors that Fitch took into consideration in their rating analysis there are AMCO’s staff increase to 287 employees at the end of 2020 from 71 at the end of 2017 to meet servicing needs and strengthen corporate functions as well as the fact that in 2020 AMCO enhanced its loan boarding process making it more efficient, launched its data warehouse, created a new set-up to the UTP/PD business and lastly, from 1 January 2021, created a separate Real Estate business unit.
Furthermore, the servicer responded well to the COVID-19 outbreak in 2020 and experienced very minor disruption; all employees resorted to remote working and were supplied with all the necessary equipment.
