Rankings Affirmed As ABOVE AVERAGE On Zenith Service As Master Servicer In Italy; Outlook Revised To Positive

OVERVIEW We have affirmed our overall ABOVE AVERAGE rankings on Zenith Service as a master servicer of residential mortgages, commercial loans, and unsecured credits in Italy. We have revised our outlook on the rankings to positive from stable. Zenith was established in 1999 and registered under Article 107 of the Italian Banking Act. We have ranked Zenith as a master servicer since 2004. LONDON (Standard&Poor's) July 23, 2015--Standard&Poor's Ratings Services has affirmed its overall ABOVE AVERAGE rankings on Zenith Service SpA (Zenith) as a master servicer of residential mortgages, commercial loans, and unsecured credits in Italy. At the same time, we have revised our outlook on the rankings to positive from stable. Zenith was established as

...OVERVIEW + We have affirmed our overall ABOVE AVERAGE rankings on Zenith Service as a master servicer of residential mortgages, commercial loans, and unsecured credits in Italy. + We have revised our outlook on the rankings to positive from stable. + Zenith was established in 1999 and registered under Article 107 of the Italian Banking Act. We have ranked Zenith as a master servicer since 2004. LONDON (Standard & Poor's) July 23, 2015--Standard & Poor's Ratings Services has affirmed its overall ABOVE AVERAGE rankings on Zenith Service SpA (Zenith) as a master servicer of residential mortgages, commercial loans, and unsecured credits in Italy. At the same time, we have revised our outlook on the rankings to positive from stable. Zenith was established as an independent company in November 1999 and registered under Article 107 of the Italian Banking Act. It manages and oversees securitized and non-securitized loan portfolios from its head office in Milan and second office in Rome. Since its...

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