Powered by MOMENTUM MEDIA
subscribe to our newsletter

Bluestone receives upgraded S&P rating

S&P has upgraded the non-bank’s servicer rating off the back of an operational overhaul.

Bluestone has announced that S&P has upgraded its servicer rating from “above average” to “strong”, off the back of an operational overhaul.

According to Bluestone, its new “strong” rating now represents the highest rating a residential mortgage-backed security (RMBS) issuer can achieve.

The non-bank lender credits its “extensive operational improvements” and “significant investments” in IT systems and corporate infrastructure as contributors to the improved S&P rating.

Bluestone CFO Todd Lawler said: “Achieving a ‘strong’ rating is a significant milestone as it validates the many improvements made by our funding and operational teams, and the support of our parent company to invest in our long-term growth and stability.  

Advertisement
Advertisement

“We are proud of this achievement and look forward to continuing to service our investors and customers to the highest standards.”

The announcement comes off the back of Bluestone’s two RMBS transactions in 2019 under its Sapphire program.

In April, Bluestone completed its first securitisation in 2019 with a $400-million Sapphire XXI 2019-1 RMBS issuance, which was the lender’s first CRD IV-compliant deal, opening it up to a new international investor base, which the lender said resulted in “unprecedented investor support”.

Its second securitisation in 2019 was completed in September to the sum of $450 million, and reportedly incorporated a higher percentage of prime and near prime loans compared with previous pools, appealing to a broad range of investors.

Bluestone CEO Campbell Smyth said, “Over the past 18 months, Bluestone has seen transformational changes that have allowed us to expand our operations across APAC significantly. 

PROMOTED CONTENT


“Today’s upgraded rating is particularly validating as it confirms that our strong home loan growth is matched by ever-increasing levels of quality.”

[Related: Bluestone secures $450m RMBS]

Bluestone receives upgraded S&P rating
Bluestone
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Hannah Dowling

Hannah Dowling is a journalist for mortgage business, the leading source of news, opinion and strategy for professionals working in the mortgage industry.

Prior to joining the team at Mortgage Business, Hannah worked as a content producer for a podcast catering to property investors. She also spent 6 years working in the real estate sector at a local agency. 

Hannah graduated from Macquarie University with a Bachelor of Media and Journalism. 

You can email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

Increased property price caps for those purchasing homes using the First Home Loan Deposit Scheme and the Family Home Guarantee from 1 July ...

Despite a tumultuous 12 months for the Australian property market, CoreLogic has reported that house or unit median values ticked over the m...

CBA has sold its Australian general insurance business to South African insurer Hollard Group and entered a 15-year distribution deal. ...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.