S&P Global Ratings' rankings on IFIS NPL Servicing S.p.A. (formerly known as FBS S.p.A.) are ABOVE AVERAGE as a special servicer of residential mortgages, commercial mortgages, and unsecured consumer loans in Italy. On April 8, 2020, we affirmed the rankings (please see "FBS SpA ABOVE AVERAGE Residential, Commercial And Unsecured Consumer Loans Special Servicer Rankings Affirmed", published April 8, 2020). The outlooks for all three rankings are stable. Our ranking(s) reflect(s): The high level of commitment and support from its new parent company, Banca IFIS S.p.A. (IFIS), which acquired 90% of IFIS NPL Servicing S.p.A. (IFIS NPL Servicing) in January 2019 and the remainder in October 2019. IFIS is supportive of operational continuity and further expansion, providing the servicer with
