January 26, 2022
The ranking outlook is stable for each ranking. The stable outlooks reflect our base-case expectation that SMS will continue to perform as an effective primary and special servicer. Our last review of SMS noted the significant growth in the servicing portfolio and the investments to support its significantly larger servicing portfolio, notably in staffing and technology. Its experienced senior leadership team continues to invest strategically in infrastructure and develop default strategies, with a focus on automation and the borrower experience. It largely maintained its servicing performance metrics during that time, and we expect that to continue. We also expect SMS to maintain its strategies and capabilities to effectively service its special servicing portfolio.