From the Wires
Link Financial Appointed Back-Up Servicer on TdA Lico Leasing III Securitisation of EUR78m Credit Rights
By: PR Newswire
Nov. 22, 2012 07:15 AM
LONDON, November 22, 2012 /PRNewswire/ --
Link Financial is pleased to announce that it has been appointed as back-up servicer to TdA Lico Leasing III on a portfolio of over 5,883 lease contracts to 4,206 debtors covering Spanish SMEs and self-employed individuals. Moody's and DBRS have assigned provisional ratings to the senior note, rating it as A3 and AAA respectively with a value of €78m.
Link will receive regular data feeds from the Servicer to the transaction as well as performing a review of this information for the benefit of the deal. Furthermore, Link's Spanish business, Link Finanzas SL, would assume successor servicing duties at the discretion of the management company within the transaction.
Selina Burdell, COO of Link Financial Group, commented, "We are pleased to have been selected as the backup and successor servicer to this transaction. This provides further evidence that Link's approach to backup servicing, as well as the strength of our operational capabilities, is a compelling offering to the European ABS market."
This appointment follows on from the group's recent strong performance in its European servicing operations. Standard & Poor's (S&P) recently reviewed the company's servicer ranking raising it to "STRONG - Outlook Stable" awarding Link Financial with their highest rating for a consumer loan special servicer in Europe.
Notes to the editors:
Link Financial is one of Europe's leading purchasers and servicer of both performing and non-performing loans, managing more than 1.5 million customers and €6 billion of receivables across its European platform. The company is headquartered in London, with further operational centres in Spain, Italy, Germany, Ireland and Wales.
For further information, please contact:
Gerald Elliott, Communications Director, Link Financial Group
Link Financial Group, 89 Albert Embankment, London SE1 7TP, UK
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