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Canada's Magazine for Financing & Leasing Executives
 
 

March 19 , 2013

Spartan Services gets positive nod from Standard & Poors

NEW YORK--Standard & Poor's Ratings Services today affirmed its AVERAGE rankings on Spartan Services Inc. as a Commercial Finance Servicer and as a Commercial Finance Special Servicer.

The outlook is stable. Our overall servicer ranking reflects AVERAGE subrankings
for management and organization, as well as loan administration. The financial
position is sufficient.

KEY RANKING FACTORS

Strengths:

• Highly experience management and staff;

• Veteran collectors;

• Internal audit and regimen; and

• Comprehensive policies and procedures.

Weaknesses:

• Change in business strategy makes it difficult to analyze extended
recovery trends.

Key Changes Since Last Review

Since our last review, SSI has:

• Exited the subprime lease business during 2011, resulting in a greater
than 50% portfolio volume decrease, and a staffing reduction from 32 to
16.

• Added a new consumer loan portfolio seller to its portfolios under
administration entailing all phases of the credit process from credit
adjudication to portfolio and financial management.

• Expanded its business reach by being appointed official standby servicer
to a Canadian Schedule A bank, and awarded an audit and compliance
engagement with a western Canadian financial institution to monitor a
$170 million facility for one of its main customers.

• Bolstered control efforts by establishing an improved internal audit
program.

• Improved the overall quality of its policies and procedures manuals for
both primary and special servicing operations.

• Established an interface between the servicing system and the general
ledger eliminating the need to manually post payments.

Standard & Poor's Ratings Services' rankings for Spartan Services Inc. (SSI)
as a commercial finance servicer and a commercial finance special servicer are
AVERAGE. The outlook for both rankings is stable.

The AVERAGE rankings reflect our assessment of SSI's experienced management
and staff members and documented operational procedures. In addition, our
commercial finance special servicer ranking reflects what we consider to be
the company's successful track record of resolving troubled assets in a timely
manner.

SSI currently services five portfolios for the Securcor Financial Group (SFG).
The largest portfolio by volume is a commercial lease portfolio, followed by a
consumer loan portfolio. The other two portfolios are in the final stages of
run-off.

www.spartanservicesinc.com

 

 

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