OVERVIEW We have affirmed our AVERAGE ranking on Zenith Service as a master servicer of commercial and residential mortgages and ABS loans and credits in Italy. The outlook is stable. Zenith is an independent company, formed in November 1999. LONDON (Standard&Poor's) Dec. 19, 2011--Standard&Poor's Ratings Services has affirmed its AVERAGE ranking on Zenith Service SpA (Zenith) as a master servicer of commercial and residential mortgages and asset-backed securities (ABS) loans and other credits in Italy. The rankings reflect the following, in our view: The company's established, experienced, and tenured master servicing team. An element, in our opinion, of key man dependency in certain senior operational areas. Risk management, compliance, and internal audit enhancements, which we expect
