...S&P Global Ratings' rankings on Zenith Service SpA (Zenith) are STRONG as master servicer for residential and commercial mortgages and asset-backed securities (ABS) in Italy. On Nov. 23, 2021, we affirmed the rankings (see "Zenith Service SpA STRONG Rankings Affirmed As A Master Servicer In Italy"). The ranking outlook is stable on all rankings. Zenith manages and oversees securitized portfolios comprised of ABS, commercial mortgages, and residential mortgages as a master servicer registered under article 106 of the Italian banking law. While our rankings relate exclusively to the servicer's master servicing function, Zenith offers additional services in the structured finance sector. We consider these other business lines outside the scope of our review unless they share synergies or impact the activity under assessment. Our rankings reflect: + The servicer's long track record managing a growing master serviced portfolio, which demonstrates Zenith's robust ability to attract new business...
