Standard & Poor’s Ratings Services have affirmed Target Servicing’s ‘Above Average’ ranking as a primary servicer of UK residential mortgages and consumer finance.

The ranking reflects Standard and Poor’s view of Target as an established business with a strong new business pipeline, an experienced senior management team, along with a flexible loan management software solution which underpins the servicing division.

Target Servicing is the business process outsourcing subsidiary company of Target Group and provides specialist third party outsourcing services to banks and portfolio owners.

The Standard & Poor’s Ratings Services report, which gives Target a ‘stable’ outlook, highlights the business’s growth and new client contracts particularly within the residential mortgages sector. Target’s ‘Above Average’ ranking for management and organisation plus loan administration has also been affirmed.

Paddy Byrne, CEO at Target, said: “We are thrilled Standard & Poor’s Ratings Services have affirmed our Above Average rating.

“This ranking is testament to our experienced team, smart technology, proven processes and our clear strategy for the year ahead.”