LONDON (Standard & Poor's) Dec. 14, 2004ùStandard & Poor's Ratings Services said today that it assigned an AVERAGE ranking on Zenith Service S.r.l. as a master servicer of commercial and residential mortgage loans in Italy. The outlook is stable. Zenith was formed in November 1999 as a wholly-owned subsidiary of Zenith Italia SpA, to act as a vehicle to manage and oversee the securitized portfolios. The company is independent and current shareholders are the shareholders of Zenith Holding S.r.l. (95%) and an investment company, Prealpina Investimenti S.r.l. (5%). Portfolios under management include: performing and non-residential mortgage loans, secured personal loans, performing leasing contracts, equity and credit-linked notes, commercial loans, contributions owed by Italian regions, and CBOs. The ranking is based
