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Standard & Poor's: doBank's [formerly UCCMB] rating unaffected by the sale of the company by UniCredit

27 November 2015
Standard & Poor's has confirmed that its rating of doBank S.p.A. (formerly UniCredit Credit Management Bank S.p.A.) has not been affected in any way by UniCredit's sale of the company to the Fortress Investment Group (FIG LLC). We continue to rate doBank "STRONG" as Special Servicer for residential and commercial mortgage and consumer credit transactions.

doBank has also signed a 10-year mandate with UCI to continue managing both its current stock and all new non-performing loans. Therefore, doBank will maintain the current extent of operations.

In December 2014 we lowered the outlook from positive to negative in anticipation of the sale and of a potential increase in the level of operational risk that could have resulted from the sale since the former holding company would no longer be in a position to provide support for critical functions such as internal control. doBank has advised that it has taken over a large portion of these activities, which we will be monitoring closely, together with the other post-sale activities implemented by the Bank to reduce operational risk to a minimum.

We consider doBank's current financial position to be "SUFFICIENT". Since the Fortress Investment Group holds the share capital of doBank, our evaluation was based on the rating assigned to Fortress: "BBB/Stable".
Fortress Investment Group holds most of the Italfondiario S.p.A. share capital - another servicer rated by us - via a chain of various other associated operators. Fortress has advised us that the two companies will continue to operate independently of each other.