Strong, high-quality earnings Asset-light strategy that entails minimal balance sheet risk Moderate leverage and strong funding Concentration in serving mortgage lenders Growth through acquisitions that entails high operational and business risks Investment in expansion efforts tempers earnings Customer concentration, albeit with a long-term contract Standard&Poor's Ratings Services' ratings on Altisource Portfolio Solutions S.A. reflect the firm's strong, high-quality earnings, strategy of operating with minimal balance sheet risk, and solid funding base. Offsetting factors include concentration in serving the cyclical mortgage industry and customer concentration with respect to the firm's former parent, Ocwen Financial Corp. Inc. Altisource Portfolio Solutions became a publicly traded company on Aug. 10, 2009, following a spin-out from former parent Ocwen Financial (NYSE: OCN). Altisource
