LONDON (Standard&Poor's) March 12, 2009—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 rankings take into consideration Zenith's seasoned and experienced management team, its well diversified portfolio, solid audit and internal controls, as well as effective subservicer supervision and reporting processes," said servicer analyst Inna Yermosh. Servicer analyst Beverley Dunne said: "We have generally seen servicers' standards increase year-on-year and servicers have to develop to maintain their rankings. Since our last review Zenith has acquired 10 new blue chip clients and continues to actively seek new clients." RELATED RESEARCH -- Criteria: Servicer Evaluation
