OVERVIEW Securitisation Services has made enhancements to its master servicing capabilities, particularly in IT, that continue to support its ABOVE AVERAGE ranking, in our view. Following a review, we have affirmed our ranking on Securitisation Services as an Italian master servicer of ABS loans. The outlook is positive because we may raise our ranking once we can gauge the benefits of the enhancements over a longer term. LONDON (Standard&Poor's) June 28, 2011--Standard&Poor's Ratings Services has affirmed its ABOVE AVERAGE ranking on Securitisation Services SpA as a master servicer of asset-backed securities (ABS) loans in Italy. OUTLOOK The outlook is positive for Securitisation Services' master servicing of Italian ABS loans. We are of the view that it
