PARIS (Standard & Poor's) June 1, 2006ùStandard & Poor's Ratings Services said today that its ranking on Zenith Service SpA (Zenith) is affirmed as "AVERAGE" as a master servicer of commercial and residential mortgage loans in Italy. This year, the ranking extends to ABS receivables also. The outlook is stable. 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. "Despite this diversification, Zenith has continued to expand its business operations and has maintained servicing standards. It is the only ranked master servicer of CMBS, RMBS, and ABS loans in Italy," said Standard & Poor's servicer analyst Marie-Noelle
