Rating: Fitch rewards doBank (Fortress) as Special Mortgage Servicer

The Fitch Agency has awarded doBank (a company owned by Fortress Investment Group managed funds) a "Special servicer" Rating of RSS1 on residential loans and CSS1 on commercial loans, upgrading them from the previous Rating Watch Negative (RWN).

The removal of the rating watch negative, or RWN, is due to a total audit of the Company (formerly UCCMB), conducted by Fitch following the acquisition of the servicer by Fortress Investment Group LLC from UniCredit.

The rating took into account the continuity of management following the acquisition transaction, an aspect that Fitch deems to be important for the servicer's stability. Moreover, in April this year Andrea Mangoni, a manager with extensive, multi-disciplinary experience who formerly headed up a number of the Country's foremost economic and financial institutions, was appointed as the new Managing Director.

In assigning the rating, the organisational changes deriving from the acquisition were also analysed. The company structure was streamlined and a clear separation was created between operational activities and the core business strategy development areas.