Newtek Small Business Loan Trust Securitization 2010-1 Rating Raised By S&P Global Ratings to AAA
July 12 2018 - 2:18PM
Newtek Business Services Corp. (“Newtek” or the “Company”),
(Nasdaq:NEWT), an internally managed business development company
("BDC"), today announced that S&P Global Ratings issued a press
release today, raising its rating on the Class A Notes from Newtek
Small Business Loan Trust 2010-1 from AA to AAA. According to
S&P Global Ratings, the rating action reflects the improved
credit support for the notes due to the transactions turbo
principal payment structure and the portfolios’ stable performance.
Barry Sloane, Chairman, President and Chief
Executive Officer said, “This rating upgrade is testament to the
quality and performance of our collateral. It has always been
and continues to be our goal to grow our loan portfolio while
focusing on the credit quality of the loans we originate. We
believe the market will continue to realize the value inherent to
our model, and hence the quality and performance of the loans we
originate.”
About Newtek Business Services
Corp.Newtek Business Services Corp., Your Business
Solutions Company®, is an internally managed BDC, which along with
its controlled portfolio companies, provides a wide range of
business services and financial products under the Newtek® brand to
the small- and medium-sized business (“SMB”) market. Since
1999, Newtek has provided state-of-the-art, cost-efficient products
and services and efficient business strategies to SMB accounts
across all 50 states to help them grow their sales, control their
expenses and reduce their risk.
Newtek’s and its portfolio companies’ products
and services include: Business Lending, SBA Lending Solutions,
Electronic Payment Processing, Technology Solutions (Cloud
Computing, Data Backup, Storage and Retrieval, IT Consulting),
eCommerce, Accounts Receivable Financing & Inventory Financing,
The Secure Gateway, The Newtek Advantage, Insurance Solutions, Web
Services, and Payroll and Benefits Solutions.
Newtek® and Your Business Solutions Company® are
registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking
StatementsThis press release contains certain
forward-looking statements. Words such as “belief,”“believes,”
“intends,” “expects,” “projects,” “anticipates,” “forecasts,”
“goal” and “future” or similar expressions are intended to identify
forward-looking statements. All forward-looking statements involve
a number of risks and uncertainties that could cause actual results
to differ materially from the plans, intentions and expectations
reflected in or suggested by the forward-looking statements. Such
risks and uncertainties include, among others, intensified
competition, operating problems and their impact on revenues and
profit margins, anticipated future business strategies and
financial performance, anticipated future number of customers,
business prospects, legislative developments and similar matters.
Risk factors, cautionary statements and other conditions, which
could cause Newtek’s actual results to differ from management’s
current expectations, are contained in Newtek’s filings with the
Securities and Exchange Commission and available through
http://www.sec.gov/. Newtek cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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