Press release 04.03.2008
GFKL receives highest servicer rating from S&P
- Rating increased to “Strong, Outlook Stable“
- Receivables management and processing competence assessed
- GFKL one of Europe’s top 3 servicers
The rating agency Standard & Poor’s assesses GFKL Financial Services AG’s receivables management and processing competence as “Strong, Outlook Stable“. The previous rating “Above Average: Outlook Positive”, the second-best rating on the 18-level evaluation matrix, has therefore been raised once again. GFKL now has the highest possible servicer rating. This rating makes GFKL one of the three best-rated companies in Europe.
A “Servicer Rating” assesses the quality of the management and handling of receivables securitized as part of “Asset Backed Security” emissions. The receivables in this context relate to investment goods financing and consumer loans.
In its rating, Standard & Poor’s specifically refers to the prime position held by GFKL as a result of its years of experience as one of the first, largest servicers in the German ABS market. The agency describes GFKL’s strengths as its experienced management, its strict documentation and report standards, its efficient internal organization, the high degree of IT-supported process automation, and its extensive network for remarketing used investment goods. Moreover, the rating acknowledges the wide diversification of the portfolios and the high rates of realization when processing receivables. The report also finds that these factors taken together reduce portfolio risks, especially as GFKL’s activities show great cost-consciousness as well as forcing – also internationally – the progressive expansion of the corporation.
About GFKL Financial Services AG
GFKL is a fast-growing financial services provider focusing on leasing and collection services. The software and systems areas are the technological complements to this spectrum of services. GFKL is thus able to assist clients in financing investments, organizing processes and safeguarding liquidity during every phase of the business process. During the business year 2006, GFKL generated consolidated revenues of one billion Euro with more than 2,000 employees.
Contact:
Katrin Schwarz
Head of Corporate Communications
and Investor Relations
Tel.: +49 (0)201/102-1192
Fax: +49 (0)201/102-1102-462
E-mail: katrin.schwarz@gfkl.com
Internet: www.gfkl.com
