S&P reports improved ranking for Target

Target Servicing has achieved a Standard & Poor’s average ranking for the provision of primary residential mortgages and consumer finance loans in the UK.

The outlook is positive as a primary servicer of residential mortgages and stable as a primary servicer of consumer finance loans in the UK.

For its management and organisation structure, Target has successfully improved its sub-ranking from average to above average. For its financial position Target Servicing has been assigned a ranking of sufficient.  

Target Servicing is the business process outsourcing division of Target Group.  It was previously known as Target Loan Servicing.  Its name change reflects the wider services provided across loans, mortgage and investment administration outsourcing.

James Snow, chief executive officer at Target Group, says: “We are delighted to have achieved our “Average” ranking from Standard & Poor’s. I believe this is a testament to the experience of our people, as well as our, smart technology and proven processes.

“In the past twelve months, Target’s outsourcing division has grown its managed portfolios from five to thirteen, with assets and funds under management totalling £2.7bn.  

’This growth has been generated through Target’s ability to diversify across all loan products and also into the investment market.”