Civitas SPV S.r.l. Series 2019-1 Italian SME Notes Assigned Ratings

We have assigned our ratings to the class A and B notes from Civitas SPV series 2019-1. As part of this issuance, Civitas SPV also issued unrated class C notes. Our ratings on the notes reflect our assessment of the underlying asset pool's credit and cash flow characteristics, as well as our analysis of the transaction's exposure to counterparty, legal, and operational risks. Civitas SPV series 2019-1 is a securitization of a pool of secured and unsecured loans that Banca di Cividale S.C.p.A. granted to Italian SMEs. LONDON (S&P Global Ratings) Oct. 17, 2019--S&P Global Ratings today assigned its credit ratings to Civitas SPVseries 2019-1 class A and B notes. As part of this issuance, Civitas SPV also issued unrated

...- We have assigned our ratings to the class A and B notes from Civitas SPV series 2019-1. As part of this issuance, Civitas SPV also issued unrated class C notes. - Our ratings on the notes reflect our assessment of the underlying asset pool's credit and cash flow characteristics, as well as our analysis of the transaction's exposure to counterparty, legal, and operational risks. - Civitas SPV series 2019-1 is a securitization of a pool of secured and unsecured loans that Banca di Cividale S.C.p.A. granted to Italian SMEs. LONDON (S&P Global Ratings) Oct. 17, 2019--S&P Global Ratings today assigned its credit ratings to Civitas SPVseries 2019-1 class A and B notes. As part of this issuance, Civitas SPV also issued unrated class C notes (see list above). The transaction is a securitization of a pool of performing secured and unsecured loans granted to Italian small and midsize (SME) companies according to the European Commission's definition. The main features of the transaction are: - The...

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