Standard&Poor's Ratings Services has assigned its STRONG ranking to Securitisation Services SpA (SecServ) as a residential and commercial mortgages master servicer in Italy. At the same time, we have affirmed our STRONG ranking on SecServ as an asset finance and consumer loans master servicer. The outlook is stable. Our ranking reflects our assessment of the company's operations based on the major ranking factors in our criteria (see "Related Criteria"). SecServ has a long track record as a master servicer of secured and unsecured loans in Italy. In our view, the company's internal controls system is well-designed and is managed by electronic applications. SecServ has an efficient and stable structure, and staff have a range of experience, in our
