Consumer Portfolio Services plans to come to market with a new $202.5 asset-backed securities offering on June 18. In its presale report, Standard & Poor’s wrote that CPS has increased loan volume, but done so in “a controlled manner.” S&P also noted that the company’s management team is well-seasoned. As of March, CPS had a $1.3 billion portfolio, compared with a $2.1 billion portfolio at its peak in 2007. Despite a number of strengths, S&P said some limitations exist that prevent the agency from assigning a rating above AA to the CPS securitization. S&P said that while CPS has progressed in reducing outstanding long-term debt, it remains highly leveraged compared with its peers. In addition, CPS was hit with $5.5 million in penalties and consumer refunds on May 29 after a Federal Trade Commission investigation.