Servicer Evaluation: Zenith Service SpA

S&P Global Ratings' rankings on Zenith Service SpA are STRONG as a master servicer for residential mortgages, commercial mortgages, and consumer credits in Italy. On June 24, 2019, we affirmed the rankings (please see "Zenith Service STRONG Rankings As Master Servicer In Italy Affirmed"). The outlooks for all three rankings are stable. Our rankings reflect: The new ownership structure. Arrow Global Group PLC, which acquired Zenith in April 2017, is supportive of operational continuity and further expansion, providing the servicer with additional expertise and resources; The company's long track record and consistent results with a growing portfolio; The solid management team and organization, which are further strengthened by the recruitment of staff; Zenith's demonstrated ability to attract new business; Its

...+ In line with market growth, the servicer has substantially expanded its master servicing portfolio over the last two years as well as successfully acquired mandates in other roles outside the scope of our review; and + The servicer implemented some changes to its IT infrastructure to further strengthen its capability. The outlooks on our rankings on Zenith are stable as a master servicer of residential and commercial mortgages and unsecured credits in Italy. Since Zenith's acquisition by Arrow in April 2017, the company has demonstrated its ability to attract new business and further strengthen its leadership position in the master servicing market. Arrow has also provided additional expertise and resources to support Zenith's growth. Finally, despite the integration process with Arrow, Zenith has demonstrated the ability to absorb new business at a high level while maintaining solid performance metrics. We have ranked Zenith as a master servicer since 2004. Our rankings relate exclusively...

Full Report