Concurrent to UniCapital Corp. filing for bankruptcy, the company spun off its servicing operation, called Portfolio Financial Servicing Co., marking the new entity's return to the equipment leasing industry as a third party servicer.

The rating agencies do not anticipate taking action on UniCapital's outstanding securitizations, as both deals are wrapped by Ambac Assurance Corp. Further, a lengthy servicing transfer was avoided, since PFS, as a subsidiary of UniCapital, was already working the portfolio.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.