OREANDA-NEWS. Fitch Ratings has affirmed Kensington Mortgage Company's (KMC) Special Servicer Rating at 'RSS2+' and removed it from Rating Watch Evolving (RWE). The rating has simultaneously been withdrawn.

The rating was placed on RWE in September 2014 following the announcement that funds managed by Blackstone Tactical Opportunities Advisors L.L.C. and TPG Special Situations Partners had agreed to purchase Kensington Group (KG) and its subsidiaries, including KMC.

The sale was completed in January 2015, when all employees in the KMC business were transferred to KG from Investec. In June 2015, the funds completed the acquisition of Acenden Limited (Acenden, RPS2+ (Prime and Sub-Prime)/RSS2). KG was rebranded to The Northview Group (NVG) and all Acenden employees were transferred to NVG in January 2016. NVG now provides all staff engaged in the businesses of KMC, and is responsible for the new brand New Street Mortgages (a sister brand to Kensington) and its affiliate Acenden.

The rating withdrawal follows the sale and the reorganisation of KMC and Acenden. Accordingly, Fitch will no longer provide rating or analytical coverage for KMC.

Going forward KMC's business strategy will be focused on origination and lending activities, with Acenden acting as the delegated servicer. KMC will delegate servicing for all newly originated loans to Acenden as of March 2016.