Fitch Takes Rating Actions on QQuant

Fitch Ratings has upgraded QQuant Master Servicer Single Member S.A's asset-backed special servicer rating to 'ABSS2+' from 'ABSS2' and affirmed the servicer's commercial special servicer rating at 'CSS2'. Fitch has assigned a Stable and Positive Outlook to the ratings respectively.

The rating actions follow a full review of the servicer's operations and reflect the servicer's demonstrated ability to meet its business strategy, the completion of a full audit of the business, improved timing of the resolution of the audit findings and continued technological enhancements, which will aid in the day-to-day servicing, increase efficiency and reduce operational risk. The latter is more advanced for the unsecured business than for the commercial portfolios, which is reflected in the different ratings.

Both ratings reflect less frequent disaster recovery and business continuity testing than other Fitch-rated servicers and recent vulnerability testing findings, which have been remedied.