TEXT-S&P affirms Archon Group, Archon Capital Bank ranking
Jan 8 () - OVERVIEW -- We have affirmed our ABOVE AVERAGE rankings on Archon Group Deutschland/Archon Capital Bank Deutschland, as a special servicer of residential and commercial mortgages in Germany. -- We have revised the outlook to stable from positive. Jan 8 - Standard & Poor's Ratings Services has affirmed its ABOVE AVERAGE rankings on Archon Group Deutschland GmbH (AGD)/Archon Capital Bank Deutschland GmbH (ACBD), owned by Goldman Sachs & Co., as a special servicer of residential and commercial mortgages in Germany. Our rankings on AGD/ACBD reflect our view of the following: -- An established servicing platform in Germany with experienced and tenured staff. -- A robust and experienced human capital management (HCM) department, which is also responsible for delivering employee training and development plans that are aligned to corporate strategy. -- Established audit and risk management control functions underpinned by Goldman Sachs' audit department. -- An established information technology platform, which is centralized for European operations in Paris, and supported by Archon Group (AG) globally as well as Goldman Sachs. -- Thorough, tested disaster recovery and business continuity plans. -- Limited recent loan boarding opportunities, which have restricted opportunities to test the boarding process. -- Formal processes are in place to enable regular review of all loans. -- Plans are in place to further integrate operations within Goldman Sachs. We believe that this is likely to benefit AG. Our previous report dated Aug. 31, 2011 referenced AGD/ACBD as Archon Group Europe. By way of clarification, we have titled today's report under the names of the two companies, which make up the servicing operations in Germany. OUTLOOK The outlook is stable on AGD/ACBD as a special servicer of residential and commercial mortgages in Germany. MANAGEMENT AND ORGANIZATION Our subrankings on AGD/ACBD for management and organization are STRONG as a special servicer of residential and commercial mortgages in Germany. LOAN ADMINISTRATION Our subrankings for loan administration on AGD/ACBD are ABOVE AVERAGE as a special servicer of residential and commercial mortgages in Germany. FINANCIAL POSITION We consider AGD/ACBD's financial position to be Sufficient. AGD/ACBD are wholly owned subsidiaries of the Goldman Sachs Group Inc. (A-/Negative/A-2), the parent holding company of Goldman Sachs & Co. We consider that the parent entity has sufficient financial strength to sustain the special servicing operation for at least the next 12 to 18 months. Additional information about our credit rating on the Goldman Sachs Group can be found on the Global Credit Portal, Standard & Poor's Web-based credit analysis system. RELATED CRITERIA AND RESEARCH Related Criteria -- Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009 -- Revised Criteria For Including RMBS, CMBS, And ABS Servicers On Standard & Poor's Select Servicer List, April 16, 2009 -- Servicer Evaluation Ranking Criteria: U.S., Sept. 21, 2004 -- Servicer Evaluations: Servicer Evaluation Ranking Criteria: U.S., Sept. 21, 2004 Related Research -- Servicer Evaluation: Archon Group Deutschland GmbH/Archon Capital Bank Deutschland GmbH, Jan. 8, 2013 -- Servicer Evaluation: Archon Group Italia S.r.l./Societa Gestione Crediti, Sept. 6, 2012 -- Servicer Evaluation: Archon Group Europe, Aug. 31, 2011 -- Structured Finance Sector Report Card: Low Lending Levels Continue To Constrain European Servicers' Portfolio Growth, Nov. 23, 2009 -- Select Servicer List, published monthly -- Structured Finance Sector Report Card: European Loan Servicers, published half-yearly
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