Standard & Poor’s Ratings Services has affirmed its forfaiting receivables servicer rankings on WestLB AG as above average. The outlook is stable.
The ranking reflects the bank’s level of automation, experienced management, and good internal controls.
WestLB is one of Germany ‘s largest public-sector banks and is an industry leader in trading in both primary and secondary forfaiting markets. It has pioneered the introduction of forfaiting receivables collateral into the asset-backed securitisation marketplace.
The bank’s forfaiting administration and trading operations have withstood severe market turbulence in the past with relatively minor losses. Further, the bank’s senior management has signalled its continuing support by rejecting the proposed establishment of a subsidiary finance company, and approving further bespoke systems development. Despite recent changes, the organisation has the strength and depth to maintain its market-leading position.
Standard & Poor’s servicer evaluations offer a comprehensive assessment of a company’s operational capabilities, providing a means of benchmarking a servicer’s performance against its peers, industry standards, and prudent servicing practices.
In its analysis, Standard & Poor’s considers, among other factors, an organization’s background, control environment, staffing, systems, key asset administration functions, financial profile, and compliance with applicable laws, regulations, and industry standards to derive an overall servicer ranking.