...S&P Global Ratings has assigned its credit ratings to Centro delle Alpi SME S.r.l.'s class A1, A2, A3, A4 (together, the class A notes), and M-Dfrd notes. As part of this issuance, the issuer also issued unrated class J notes. The transaction is a securitization of a pool of secured and unsecured loans that the originators granted to Italian small and midsize enterprises (SMEs). The issuer is a segregated multi-issuance special-purpose entity (SPE), incorporated as a limited-liability company in Italy. Its only purpose is to perform securitization transactions. This is the first securitization of loans to SMEs originated by Banca Popolare Di Sondrio S.p.A. and issued by this SPE. Our ratings on the class A and M-Dfrd 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, operational, and legal risks. Ratings on the notes also reflect the application of our structured finance...
