Fitch Ratings assigned Concent Forderungsmanagement (Concent) a German ABS primary servicer rating of 'ABPS3.' It is the first such rating assigned to a European ABS servicer.
The rating, Fitch said, relates to Concent's proficiency in servicing German trade receivables. It is also based on the extensive experience of the management team and staff. who have long company tenures, including positions at Concent's affiliates.
All senior and middle management have been with the company since its 2005 inception. The rating is further supported by good client diversification as well as a long history with existing clients. The track record is an average of four years with risk management clients and nearly six years with debt management customers.
The rating agency's review also assessed the firm's backup servicing (BUPS) activities related to Concent's role as the named stand-by servicer on several European ABS deals. Fitch considers the servicer's capabilities in terms of backup servicing as robust and highly proactive.
For the year ending April 30, Concent had managed around €176 million of receivables across five debt management portfolios. For its risk management clients, 11% of which have non-German debtors, the company processed over 26.3 million transactions yearly.
The BUPS portfolio included six transactions with total receivables of €1.26 billion with another six transactions — mostly auto dealer floor plan securitizations — and €3.02 billion worth of receivables now in the project phase.