This report does not constitute a rating action. These criteria are effective Nov. 5, 2026. This criteria article represents S&P Global Ratings'approach to rating pools of diversified credit exposures to small and midsize enterprises (SMEs), excluding Small Business Administration (SBA) loans or loans to SME in the U.S. For details about the scope of these criteria, see Appendix. For information about the initial publication of this article as of Nov. 5, 2026, including key changes, the impact on ratings, and superseded criteria, see"Updated Methodology For Rating SME Securitizations Published."These criteria take a step-by-step approach to analyzing SME securitizations (see chart above): Step 1.1: Credit analysis--default rate. We determine our base-case default rate and the rating-specific default rate
