Servicer Evaluation: Securitisation Services SpA

S&P Global Ratings' rankings on Securitisation Services SpA as a master servicer for residential mortgages, commercial mortgages, and asset-backed consumer loans in Italy, that are primarily non-performing are STRONG. On Feb. 19, 2020, we affirmed the rankings (see "Securitisation Services SpA STRONG Master Servicer Rankings Affirmed; Outlooks Stable"). The outlooks are stable on all rankings. Our rankings reflect: The solid management team and organization, which are further strengthened by the recruitment of staff; The company's long track record and consistent results with a growing portfolio. SecServ was able to meet its full 2019-2021 business plan growth targets (in terms of turnover), two years in advance, due to the high profitability of a number of new transactions. In our view, the

...S&P Global Ratings' rankings on Securitisation Services SpA as a master servicer for residential mortgages, commercial mortgages, and asset-backed consumer loans in Italy, that are primarily non-performing are STRONG. On Feb. 19, 2020, we affirmed the rankings (see "Securitisation Services SpA STRONG Master Servicer Rankings Affirmed; Outlooks Stable"). The outlooks are stable on all rankings. Our rankings reflect: + The solid management team and organization, which are further strengthened by the recruitment of staff; + The company's long track record and consistent results with a growing portfolio. SecServ was able to meet its full 2019-2021 business plan growth targets (in terms of turnover), two years in advance, due to the high profitability of a number of new transactions. In our view, the company is well-positioned to attract new business in a controlled manner; + The company's strong internal controls, based on the three lines of defense model; + The good level of automation in...

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