Standard&Poor's Ratings Services' ranking on Zenith Service SpA is AVERAGE as a master servicer of commercial and residential mortgages and asset-backed securities loans in Italy. The ranking reflects our view of the following: The company's structure, staffing levels, and the staff's level of experience remain largely unchanged. Staff turnover for 2009 was low, as there were three new arrivals and only one departure. Zenith has outsourced training to a specialist training company. The company has emphasized training middle and senior management and will focus on lower-graded staff in due course. In line with Bank of Italy guidelines, Zenith has completed "Reglamento Generale," which covers standardized operational processes. The company plans to fully implement the applications of this document
