OVERVIEW We have affirmed our ABOVE AVERAGE rankings on Zenith Service as a master servicer in Italy. Our outlook on the rankings is stable. LONDON (Standard&Poor's) Feb. 17, 2014--Standard&Poor's Ratings Services has affirmed its overall ABOVE AVERAGE rankings on Zenith Service SpA (Zenith) as a master servicer of commercial and residential mortgages, asset-backed securities (ABS), and other credits in Italy. Our rankings reflect our assessment of the company's operations based on the major ranking factors in our criteria (see "Related Criteria"). MAJOR RANKING FACTORS The following represent our opinion of the company's main strengths and weaknesses. Strengths: Zenith has a robust process for the preparation and approval of its annual business plan, and has met its
