Aug. 1, 2013
Starwood Property Trust
(NYSE: STWD) subsidiary
Hatfield Philips International
Limited (the "Company"), one of
largest primary and special servicers with approximately £18.5 billion assets under management, today announced that Fitch Ratings upgraded its Special Servicer rating to 'CSS2' from 'CSS2-' and affirmed its Primary Servicer rating at 'CPS2'. With the upgrade, Hatfield is among the highest rated Special Servicers in the
"Fitch's upgrade is a strong affirmation of our continuous efforts to enhance operational capabilities as well as our industry leadership in improving transparency in the marketplace," said
, Managing Director and Chief Operating Officer of
. "We understand our reputation as one of the most trusted names in European loan servicing is our greatest asset and will continue to invest in areas that allow us to best serve our clients and continue to set the standard for the industry."
In announcing the upgrade of Hatfield's Special Servicer rating Fitch noted the Company's efforts over the past year to further enhance its already robust servicing capabilities. A key initiative recognized by Fitch is Hatfield's consolidation of its primary and special servicing teams into one loan asset management team. The change effectively streamlines the transfer process and creates case ownership by assigning one asset manager responsible for overseeing a loan from boarding to resolution.
Furthermore, Fitch's upgrade acknowledges Hatfield's commitment to providing maximum transparency and commends its comprehensive and detailed communication with investors on performing and non-performing loans. Fitch also credited the Company's efforts to develop an online portal that will enable investors to access comprehensive data and information on all loans that are currently in Special Servicing with Hatfield.