Standard&Poor's Ratings Services has affirmed as "AVERAGE" its rankings on Zenith Service SpA as a master servicer of commercial mortgage loans, residential mortgage loans, and asset-backed securities (ABS) receivables in Italy. The ranking reflects: A seasoned and experienced management team; A well-diversified portfolio; Solid audit and internal controls; Effective subservicer supervision; and A well-established reporting process. We have generally seen servicers' standards increase year-on-year and servicers have to develop to maintain their rankings. Zenith's total portfolio has grown steadily from 38,708 loans with a value of €753 million in 2000 to over 500,000 loans with a value of over €12 billion at the end of 2007. By the end of 2008, Zenith's total portfolio comprised 987,835 loans worth
