OVERVIEW We revised Securitisation Services' outlook to stable from negative due to what we consider to be significant improvements to its IT systems. We also affirmed as "ABOVE AVERAGE" our ABS master servicer ranking on Securitisation Services. LONDON (Standard&Poor's) July 15, 2009--Standard&Poor's Ratings Services today revised to stable from negative its outlook on Securitisation Services SpA. At the same time, we affirmed our "ABOVE AVERAGE" ranking on Securitisation Services as a master servicer of asset-backed securities receivables in Italy. At the time of our last review in March, we were concerned that the servicer's IT platform required a lot of manual intervention and lacked resilience. According to our servicer criteria, to maintain its "ABOVE AVERAGE" ranking,
