LONDON (Standard&Poor's) March 6, 2009—Standard&Poor's Ratings Services has affirmed as "ABOVE AVERAGE" its ranking on Securitisation Services SpA as a master servicer of asset-backed securities (ABS) receivables in Italy. We have revised the outlook to negative from stable. Securitisation Services has a stable and experienced management team, robust internal controls and risk management, and established policies and procedures. It employs good human resources policies to train and develop its staff to enable business growth. "Securitisation Services continues to perform well as a master servicer of ABS receivables in Italy and its portfolio has grown since last year," said servicer analyst Beverley Dunne. "We have revised the outlook to negative as the IT infrastructure, which we commented
