Business Loan Trust Securitization 2013-1 Rating Raised By S&P Global
SUCCESS, N.Y., June 01, 2017 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. ("Newtek" or the "Company"), (Nasdaq:NEWT), an internally managed business development
company ("BDC"), today announced that on May 31, 2017,
S&P Global Ratings issued a press release raising its rating on the Class A
Notes from Newtek Small Business Loan Trust
2013-1 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
Sloane, Chairman, President and Chief Executive Officer said, "We
appreciate the market analyzing the value of our collateral and the subsequent
upgrade. With continued strong performance of our loan portfolio and the
market's ongoing recognition of the value inherent to our business model, our
trend of securing debt and equity at a lower cost of capital for Newtek Business Services Corp. and its portfolio
About Newtek Business Services Corp.
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), 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
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.