A non-bank lender has announced its servicer rating has been updated from ‘Above Average’ to ‘Strong’ by S&P.
Bluestone now boasts the highest rating an RMBS issuer can achieve.
The upgrade comes off the back of extensive operational improvements and significant investments in the lender’s IT systems and corporate infrastructure.
Bluestone’s CFO Todd Lawler said, “Achieving a ‘Strong’ rating is a significant milestone as it validates the many improvements made by our funding and operational teams, and the support of our parent company to invest in our long-term growth and stability.
“We are proud of this achievement and look forward to continuing to service our investors and customers to the highest standards.”
The upgrade follows two successful RMBS transactions in 2019 under Bluestone’s Sapphire programme.
In April, Sapphire XXI 2019-1 was the lender’s first CRD IV-compliant deal, opening it up to a new international investor base resulting in unprecedented investor support.
September’s Sapphire XXII 2019-2 built on its predecessor’s success, with its higher percentage of prime and near prime loans compared to previous pools appealing to a broad range of investors.
Bluestone CEO Campbell Smyth said, “Over the past 18 months, Bluestone has seen transformational changes that have allowed us to expand our operations across APAC significantly. Today’s upgraded rating is particularly validating as it confirms that our strong home loan growth is matched by ever increasing levels of quality.”