We reviewed Centro Delle Alpi SME Srl's performance and the August 2026 investor report, and we performed our credit and cash flow analysis by applying our European SME CLO criteria. Following our review, we raised our ratings on the class A1, A2, A3, A4, and M-Dfrd notes. Centro Delle Alpi SME is a single-jurisdiction cash flow CLO transaction backed by Italian SME loans. The transaction closed in June 2023 and is currently amortizing. MADRID (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today raised its credit ratings on Centro Delle Alpi SME Srl's class A1, A2, A3, and A4 notes to'AAA (sf)'from'A (sf)', and class M-Dfrd notes to'A (sf)'from'BBB (sf)'. Centro Delle Alpi SME
