Standard&Poor's Ratings Services affirmed its STRONG rankings on Securitisation Services SpA (SecServ) as as a master servicer of residential mortgages, commercial mortgages, and non-real-estate-related debt in Italy. The outlook is stable. Our rankings reflect our assessment of the company's operations based on the major ranking factors in our criteria (see "Related Criteria"). In December 2014, Banca Finint was established under the Finanziaria Internazionale Group, becoming the new parent company of SecServ. Consequently, we expect tighter surveillance from the central authorities. As in previous years, SecServ largely outperformed its 2014 business plan, despite adverse market conditions. Similarly, its master servicing portfolio reached a record at €14.212 billion, comprising 64 transactions as of December 2014. This was almost double the
