S&P assigns Australian Motor Finance AVERAGE svcr ranking
Standard & Poor's Ratings Services today assigned an 'AVERAGE' subprime auto loan servicer ranking and 'Stable' outlook to Australian Motor Finance Ltd. (AMF).
By Agencies |
Standard & Poor's Ratings Services today assigned an 'AVERAGE' subprime auto loan servicer ranking and 'Stable' outlook to Australian Motor Finance Ltd. (AMF). AMF is the first subprime auto loan servicer to be assigned a ranking by Standard & Poor's.
It is eligible for inclusion on Standard & Poor's global select servicer list. AMF (an unlisted company) is a subsidiary of Australian Motor Finance Group Ltd. (AMFG, a holding company listed on the Australian Stock Exchange). AMF commenced operations in the car financing market in 2003.
It originates and services motor vehicle loans for the non-conforming market, targeting first-time and credit-impaired borrowers. AMF services more than 3000 auto loans and its loan book has a value of approximately A$55.0 million.
The assignment of the 'AVERAGE' ranking is based on AMF's clear company strategies and business plans. AMF has a well defined business model, which is supported by an experienced management team; however, additional emphasis is required to further develop its supporting processing and servicing infrastructure, and to define its servicing standards so as to consolidate and enhance its servicing capability.
In Standard & Poor's opinion, AMF's demonstrated ability, efficiency, and competence in servicing is acceptable compared to other servicers ranked by Standard & Poor's. The 'Stable' outlook assigned to AMF reflects the company's well documented lending policies and adequate servicing practices.
AMF continues to grow its business while maintaining good customer service levels. A copy of Standard & Poor's servicer evaluation report for AMF will be available upon its completion on RatingsDirect, Standard & Poor's Web-based credit analysis system.
It is eligible for inclusion on Standard & Poor's global select servicer list. AMF (an unlisted company) is a subsidiary of Australian Motor Finance Group Ltd. (AMFG, a holding company listed on the Australian Stock Exchange). AMF commenced operations in the car financing market in 2003.
It originates and services motor vehicle loans for the non-conforming market, targeting first-time and credit-impaired borrowers. AMF services more than 3000 auto loans and its loan book has a value of approximately A$55.0 million.
The assignment of the 'AVERAGE' ranking is based on AMF's clear company strategies and business plans. AMF has a well defined business model, which is supported by an experienced management team; however, additional emphasis is required to further develop its supporting processing and servicing infrastructure, and to define its servicing standards so as to consolidate and enhance its servicing capability.
In Standard & Poor's opinion, AMF's demonstrated ability, efficiency, and competence in servicing is acceptable compared to other servicers ranked by Standard & Poor's. The 'Stable' outlook assigned to AMF reflects the company's well documented lending policies and adequate servicing practices.
AMF continues to grow its business while maintaining good customer service levels. A copy of Standard & Poor's servicer evaluation report for AMF will be available upon its completion on RatingsDirect, Standard & Poor's Web-based credit analysis system.
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