OVERVIEW Securitisation Services has achieved portfolio and staffing growth, and enhanced its IT platform. Following a review, we have raised to STRONG from ABOVE AVERAGE our ranking on Securitisation Services as an Italian master servicer of ABS loans. The outlook is stable. LONDON (Standard&Poor's) July 26, 2012--Standard&Poor's Ratings Services today raised to STRONG from ABOVE AVERAGE its overall ranking on Securitisation Services SpA (SecServ) as a master servicer of asset-backed securities (ABS) transactions in Italy. OUTLOOK The outlook is stable for SecServ as a master servicer of ABS transactions in Italy. This reflects our view that SecServ has a stable organization in place, relying on a robust IT platform. MANAGEMENT AND ORGANIZATION We have raised to
