Ratings agency Fitch affirmed Pepper’s ratings as UK Primary (Prime) Servicer Rating at 'RPS2', UK Primary (Sub-prime) Servicer Rating at 'RPS2', UK Special Servicer Rating at 'RSS2+', and UK Master Servicer Rating at 'RMS2'.
These strong ratings give recognition to the continued growth and development of the business over the past 12 months: the addition of more clients, the growth in assets under management and the change in ownership that saw Oakwood become Pepper with the reunion of the original founders of Oakwood and Pepper.
Fitch’s report stated that it believes that the new ownership will give the business a more stable platform for growing the business further within the UK. It also points to Pepper’s solid internal audit and risk management framework, robust technology platform, and sustained focus on training.
Richard Klemmer, CEO at Pepper UK, commented:
“We are pleased that Fitch has viewed our growth and development so positively, and has acknowledged the breadth of our expertise. Our teams deserve the credit for their skills in different markets, be that managing impaired and high-risk loans as a Special Servicer; providing clients with expert oversight capability as a Master Servicer; or helping lenders manage the day to day general loan administration activities as a Primary Servicer.
“In all cases, especially with the rapid growth and evolution we have been through in the last year, including the addition of an active UK originator to our expanding and diverse client base, I am proud of how we have performed.”
