New fitch ratings upgrade for quion
Quion improves its Fitch rating for special servicing from RSS2 to RSS2+. With a rating of RSS2, Quion already had the highest rating in the Netherlands. Fitch has upgraded Quion’s rating again – to RSS2+ - for its stable and well-developed and well-implemented Risk Management Framework.
Fitch commented that an in-depth look at Quion’s Special Servicing process revealed that its quality is high compared to Quion’s peers. With the new rating, Quion also receives recognition for the quality of its highly automated servicing system and its solidly implemented Quion Business Continuity Plan.
Following an upgrade in 2015, Quion’s rating for primary servicing remains at RPS2+. The rating is the result of a stable and strengthened senior management team and Fitch’s observation that Quion’s long term financial results are very good, ensuring a stable financial position.
Not only Fitch is looking to Quion’s future with optimism. The service provider saw a considerable increase of the mortgage business in 2016 as well as an expansion of its portfolio with the successful insourcing of Argenta. Bruno Oudega, CEO of Quion: "The upgrade of our rating for special servicing and the maintained high rating for primary servicing recognize the hard work put in by all our employees. We focus on doing what is best for our business partners and their clients and are committed to continue to be a steady, motivated and entrepreneurial business partner. The Fitch ratings confirm that we are succeeding in that ambition."
The rating for primary servicing recognizes the professional manner in which Quion manages and executes its mid and back office mortgage operations. Special servicing, now rated at RSS2+, aims to prevent and reduce payment arrears and reduce minimum financial losses to a minimum. The Fitch ratings range from 1 (strong) to 5 (poor). The awarded ratings are reviewed annually.