A Recognized Leadership

Servicer Rating

A Recognized leadership

For many years, the Group has boasted the highest Servicer Rating of the Italian market assigned by S&P and Fitch Ratings.

Updated on August 2019

Servicer Rating: Agencies Servicer Evaluations assessments provide a consistent and objective analysis of Servicer's performance. Each Rating Agency offers a general rating that evaluates the capabilities and skills of a Servicer. The ranking is based on Servicer's management, organization, and administrative processes.

As Special servicer in the field of residential and commercial loans transactions (R/CMBS - Residential/Commercial Backed Securities).

AGENCY	RATING	DATE
Standard and Poor's	STRONG	02-aug-19
	STRONG	23-dec-16
	STRONG	27-nov-15
	STRONG	12-dec-14
	STRONG	01-jul-13
	STRONG	23-jul-12
	STRONG	20-apr-11
	STRONG	08-apr-10
	STRONG	21-jan-09
	STRONG	28-jun-07
	STRONG	23-sep-06

AGENCY	RATING	DATE
Fitch Ratings	RSS1- e CSS1-	sept-20
	RSS1- e CSS1-	07-mar-19
	RSS1- e CSS1-	27-jun-16
	RSS1- e CSS1-	28-jan-15
	RSS1- e CSS1-	04-jul-13
	RSS1- e CSS1-	19-jul-12
	RSS1- e CSS1-	16-jun-11
	RSS1- e CSS1-	22-dec-09
	RSS1- e CSS1-	16-dec-08
	RSS2+IT and CSS2+IT	14-oct-07
	R/CSS2+	31-jul-06

As Special Servicer in the field of Consumer Finance (ABS- Asset Backed Securities) (ABS- Asset Backed Securities).

AGENCY	RATING	DATE
Standard and Poor's	STRONG	02-aug-19
	STRONG	23-dec-16
	STRONG	27-nov-15
	STRONG	12-dec-14
	STRONG	01-jul-13
	STRONG	23-jul-12
	STRONG	20-apr-11
	STRONG	08-apr-10
	ABOVE AVARAGE	21-jan-09
	ABOVE AVARAGE	28-jun-07
	ABOVE AVARAGE	21-sep-06

As Master Servicer per attività Residential, Commercial, Asset-backend - confirmed and simultaneously withdrawn for interrupted services

AGENCY	RATING	DATE
Fitch Ratings	RMS2/CMS2/ABMS2	01-aug-17

As Primary Servicer

AGENCY	RATING	DATE
Fitch Ratings	RPS2+ - CPS2+	sept-20
Standard and Poor's	STRONG	02-aug-19

As Master Servicer for Residential, Commercial, Asset-backend

AGENCY	RATING	DATE
Fitch Ratings	RMBS2+/CMBS2+/ABMS2+	sept-20
	RMBS2+/CMBS2+/ABMS2+	mar-19
	RMBS2/CMBS2/ABMS2	aug-17

Italfondiario Primary Servicer - confirmed and simultaneously withdrawn for interrupted services

AGENCY	RATING	DATE
Fitch Ratings	RSS1- CSS1-	07-mar-19
Standard and Poor's	STRONG	02-aug-19

Italfondiario Special Servicer Rating - confirmed and simultaneously withdrawn for interrupted services

AGENCY	RATING	DATE
Standard and Poor's	STRONG	2019
	STRONG	2017
	STRONG	2016
	STRONG	2015
	STRONG	2014
	STRONG	2013
	STRONG	2012
	STRONG	2011
	STRONG	2010

AGENCY	RATING	DATE
Fitch Ratings	RSS1- e CSS1-	2019
	RSS1- e CSS1-	2016
	RSS1- e CSS1-	2015
	RSS1- e CSS1-	2014
	RSS1- e CSS1-	2013
	RSS1- e CSS1-	2012
	RSS1- e CSS1-	2011
	RSS1- e CSS1-	2010

Legenda

STANDARD AND POOR'S
STRONG (forte)	The Servicer displays extremely high levels of ability, efficiency and skill in managing large, extremely complex portfolios, strong, stable management proven over time, advanced information technology, excellent internal controls, procedures and policies.
ABOVE AVARAGE (sopra la media)	The Servicer displays high levels of ability, efficiency and skill in managing medium to large portfolios, solid management experience, historic performance acceptable, internal controls, procedures and policies in line with market and regulatory standards, portfolio performance in line with market sector averages.
AVARAGE (in media)	The Servicer displays an acceptable level of performance, has internal controls in place and policies in line with market and regulatory standards; portfolio performance is in line with market sector averages.
BELOW AVARAGE (sotto la media)	The Servicer displays very low levels of ability, efficiency and skill, as well as below average internal controls and IT systems. Historic performance is not positive.
WEAK (debole)	This ratings is issued to Servicer whose levels of ability, skill & efficiency are really low; performance is not positive, recurring losses and inadequate internal controls.

FITCH RATINGS
[C/R]SS1 [C/S]SS1- (minus)	Level 1 Full approval with high overall performance complessive
[C/R]SS2+ (plus) [C/R]SS2 [C/S]SS2- (minus)	Level 2 Full approval with strengths
[C/R]SS3+ (plus) [C/R]SS3 [C/S]SS3- (minus)	Level 3 Full approval
[C/R]SS4	Level 4 Qualified approval
[C/R]SS5	Level 5 Unacceptable

FITCH RATINGS MASTER SERVICER
[C/R]MS1	Livello 1 Servicer con elevatissime performance nella capacità complessiva di gestione del Servicing
[C/R]MS2	Livello 2 Servicer con alte performance nella capacità complessiva di gestione del Servicing
[C/R]MS3	Livello 3 Servicer con competenze nella capacità complessiva di gestione del Servicing
[C/R]MS4	Livello 4 Servicer che mancano di competenze a causa di una debolezza in una o più aree di gestione del Servicing

Investor Relations

IR Contacts

Investor Relations

Fabio Ruffini

Mail: fabio.ruffini@dovalue.it
Tel: 06 47979154