Zenith Service S.r.l. (Zenith) has been assigned a ranking of AVERAGE as master servicer of commercial and residential mortgage loans in Italy. The ranking is based on the company's seasoned management team, prudent risk management practice, effective subservicer supervision, efficient levels of automation, and well-designed technological system. Zenith is continuing to expand its business operations, and we expect it to maintain servicing standards despite its expansion. As Zenith continues to refine procedures and practice, we believe it may become positioned for a higher ranking. Zenith was formed in November 1999 as a wholly-owned subsidiary of Zenith Italia SpA, to act as a vehicle to manage and oversee the securitized portfolios. The company is independent and its current shareholders are the
