Rankings Affirmed On LINK Financial Outsourcing As A U.K. Primary And Special Consumer Finance Outlook Stable

Stocks and Financial Services Press Releases Wednesday May 30, 2018 17:06
LONDON--30 May--S&P Global Ratings

LONDON (S&P Global Ratings) May 30, 2018--S&P Global Ratings today affirmed its overall STRONG ranking on Link Financial Outsourcing Ltd. (LFO) as a special servicer of consumer finance in the U.K. At the same time, we have affirmed our ABOVE AVERAGE ranking on LFO as a primary servicer of consumer finance in the U.K. The outlook is stable on both rankings.

Our rankings reflect:
  • The company's ability to attract new business to replenish its portfolio and to widen the range of products under management.
  • A robust internal control model that includes a thorough second line of defense that counterbalances the lack of primary servicing internal audit reviews.
  • A reliable IT platform, subject to regular enhancements and penetration testing.
  • Solid operations with a positive track record for management of performing and nonperforming loans.
Since our prior review, LFO reported the following key changes:
  • LFO's new executive committee organizational layer, complementing the company's well-designed structure.
  • Strengthened HR function to better support the company's business development and reduce the higher level of staff turnover registered over the last four years.
  • Introduction of business unit risk coordinators and enhanced risk management framework.
  • Introduction of interactive voice response technology within several primary servicing teams, resulting in operational efficiencies.
OUTLOOK
The outlook is stable on both rankings. The servicer has a well-tested operational model for both its primary and special servicer activity, supported by an experienced management team.
FINANCIAL POSITION
The financial position is SUFFICIENT.

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