Fitch Maintains Kensington's UK Residential Special Servicer Rating on RWE
Fitch initially placed the servicer rating on RWE on 19 September 2014, following the announcement that Investec had agreed to sell KMC to Blackstone Tactical Opportunities Advisors L.L.C. (Blackstone) and TPG Special Situations Partners (TSSP). Fitch extended the RWE for a further three months on 16 March 2015, due to a lack of additional information, which the agency deemed essential to assess the full impact on the rating.
The RWE reflects the ongoing uncertainties surrounding the impact of the sale and of the change of ownership. Fitch is aware that Blackstone and TSSP have acquired Acenden Limited (RPS2+/RWE; RSS2/RWE). The agency believes that there is potential synergy between KMC and Acenden and will wait to see if any operational changes come about as a result of having a shared parent.
Fitch does not expect to understand the full operational impact of the sale of KMC's business for at least six months. Thus, the rating will remain on RWE until the ongoing situation is resolved and Fitch can conduct a full operational assessment of KMC. Depending on the outcome of the assessment, the rating action could result in an upgrade, affirmation or downgrade of the servicer rating.
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