Standard&Poor's Ratings Services has affirmed as "ABOVE AVERAGE" its ranking on Securitisation Services SpA as a master servicer of ABS receivables in Italy. Whilst Securitisation Services performs a wide range of roles in 120 securitized transactions, we do not provide rankings for many of the roles. This ranking is therefore restricted to the 16 ABS transactions for which it is the master servicer. The ranking is based on the company's: Stable and experienced management team; Robust internal controls and risk management; Established policies and procedures; Wide experience in all aspects of securitization servicing, in addition to master servicing; Effective subservicer supervision; and IT infrastructure, which needs further development to keep up with changes we see in the servicing
