Civitas SPV Series 2017-1's Class B Italian RMBS Notes Rating Raised On Error Correction; Class A Affirmed

We reviewed Civitas SPV's series 2017-1 under our relevant criteria. During our review, we also determined that in May 2021 review we had incorrectly input the current collateral balance instead of the initial balance as the denominator to calculate the class B rating trigger and are now correcting this error. Following our review and correction of the error, we raised our rating on the class B notes. At the same time, we affirmed our ratings on the class A 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. MILAN (S&P Global Ratings) May 20, 2022--S&P Global Ratings today raised to 'A+ (sf)'

...- We reviewed Civitas SPV's series 2017-1 under our relevant criteria. During our review, we also determined that in May 2021 review we had incorrectly input the current collateral balance instead of the initial balance as the denominator to calculate the class B rating trigger and are now correcting this error. - Following our review and correction of the error, we raised our rating on the class B notes. - At the same time, we affirmed our ratings on the class A 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. MILAN (S&P Global Ratings) May 20, 2022--S&P Global Ratings today raised to 'A+ (sf)' from '### (sf)' its credit rating on Civitas SPV S.r.l.series 2017-1's class B notes. At the same time, we affirmed our '## (sf)' ratings on the class A notes. Today's rating actions reflect our full analysis of the most recent information that we have received...

Ratings Action