OVERVIEW We have affirmed Zenith Service's AVERAGE ranking as a master servicer of commercial and residential mortgages and asset-backed securities loans in Italy. The outlook is stable. Our rankings reflect Zenith's largely unchanged structure and staffing levels since 2008, its decision to bring internal audit back in house, and its completion of "Reglamento Generale," which covers standardized operational processes in line with Bank of Italy guidelines. LONDON (Standard&Poor's) June 8, 2010--Standard&Poor's Ratings Services today affirmed its AVERAGE ranking on Zenith Service SpA as a master servicer of commercial and residential mortgages and asset-backed securities loans in Italy. Our ranking is based on the following: The company's structure, staffing levels, and the staff's level of experience remain
