Civitas SPV Series 2017-1's Class A And B Italian RMBS Notes Ratings Raised Following Criteria Revision

We have reviewed Civitas SPV series 2017-1 following the expansion of the global RMBS criteria's scope to include Italy, among other countries. We have raised our rating on the class A and B notes. Civitas SPV's series 2017-1 is a securitization of a pool of Italian residential mortgages that Banca Popolare di Cividale granted to individuals, small entrepreneurs, and artisans. The transaction features a three-year ramp-up period. MILAN (S&P Global Ratings) May 20, 2021--S&P Global Ratings today raised to 'AA (sf)' and 'BBB (sf)' from 'A+ (sf)' and 'BBB- (sf)' its credit ratings on Civitas SPV S.r.l.series 2017-1's class A and B notes. Today's upgrades follow the implementation of our revised criteria and assumptions for assessing pools of Italian residential

...- We have reviewed Civitas SPV series 2017-1 following the expansion of the global RMBS criteria's scope to include Italy, among other countries. - We have raised our rating on the class A and B notes. - Civitas SPV's series 2017-1 is a securitization of a pool of Italian residential mortgages that Banca Popolare di Cividale granted to individuals, small entrepreneurs, and artisans. The transaction features a three-year ramp-up period. MILAN (S&P Global Ratings) May 20, 2021--S&P Global Ratings today raised to '## (sf)' and '### (sf)' from 'A+ (sf)' and '###- (sf)' its credit ratings on Civitas SPV S.r.l.series 2017-1's class A and B notes. Today's upgrades follow the implementation of our revised criteria and assumptions for assessing pools of Italian residential loans (see "Related Criteria"). They also reflect our full analysis of the most recent information that we have received and the transaction's current structural features. Upon expanding our global RMBS criteria to include Italian...

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