The ranking of Zenith Service SpA (Zenith) as master servicer of commercial and residential mortgage loans in Italy is affirmed as "AVERAGE". This year, the "AVERAGE" ranking has also been assigned to Zenith as master servicer of ABS receivables. 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 to service a growing, more diversified portfolio. The outlook is affirmed as stable. Despite its expansion, Zenith has continued to expand its business operations and has maintained servicing standards. Zenith has made improvements to its operations since our last review. It was registered in 2004 by the Bank of Italy, according to Article 107 of the
