LAKE SUCCESS, N.Y., March 29, 2019 (GLOBE NEWSWIRE) -- 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 on March 27, 2019, raising its rating on the Class A Notes from Newtek Small Business Loan Trust 2014-1 from A+ to AA. 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, “We greatly appreciate S&P reviewing our existing securitizations and are pleased to report our third upgrade. We are pleased with the strong performance of the collateral relative to defaults, and lack of loss severities. The strong performance of our collateral enables us to use cash flow and collateral to pay our bondholders. We look forward to continuing to use our lines of credit and securitization exits to further develop our business model and to demonstrate our 16 years of expertise in underwriting and acquiring small- to middle-market sized business credits.”
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 over 100,000 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 Statements
This press release contains certain forward-looking statements. Words such as “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.
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Source: Newtek Business Services Corp.