Civitas SPV S.r.l. Series 2019-1 Class A And B Italian SME CLO Ratings Raised

We raised our ratings on Civitas SPV S.r.l.'s series 2019-1 class A and B notes to 'A+ (sf)' following our review of the transaction under our relevant criteria. Civitas SPV series 2019-1 securitizes a pool of secured and unsecured loans Banca di Cividale S.C.p.A. granted to Italian SMEs. PARIS (S&P Global Ratings) April 24, 2023--S&P Global Ratings today raised to 'A+ (sf)' from 'A (sf)' and 'BBB (sf)' its credit ratings on Civitas SPV S.r.l.'s series 2019-1 class A and B notes, respectively. The transaction securitizes a pool of secured and unsecured loans that Banca di Cividale S.C.p.A. granted to Italian small and midsize enterprises (SMEs). The portfolio is concentrated in the Italian region of Friuli Venezia Giulia (61.94%), the

...- We raised our ratings on Civitas SPV S.r.l.'s series 2019-1 class A and B notes to 'A+ (sf)' following our review of the transaction under our relevant criteria. - Civitas SPV series 2019-1 securitizes a pool of secured and unsecured loans Banca di Cividale S.C.p.A. granted to Italian SMEs. PARIS (S&P Global Ratings) April 24, 2023--S&P Global Ratings today raised to 'A+ (sf)' from 'A (sf)' and '### (sf)' its credit ratings on Civitas SPV S.r.l.'s series 2019-1 class A and B notes, respectively. The transaction securitizes a pool of secured and unsecured loans that Banca di Cividale S.C.p.A. granted to Italian small and midsize enterprises (SMEs). The portfolio is concentrated in the Italian region of Friuli Venezia Giulia (61.94%), the location of the originator's headquarters. The transaction is structured with a combined waterfall for both principal and interest payments. The interest rate risk exposure deriving from the mismatch between the interest rate paid under the loans and the...

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