...S&P Global Ratings has assigned credit ratings to the up to 507 million class A1, A2, and B asset-backed partly paid series 2017-1 notes issued by Civitas SPV S.r.l. At closing, the issuer also issued unrated class C partially paid notes up to 93.0 million. During the ramp-up period, the notes can be increased to up to 600 million. At closing the initial balance of the class A1, A2, and B notes (the rated notes) was 218.339 million and the initial balance of the unrated class C notes was 40.05 million. Civitas SPV used the proceeds from the issuance of the initial balance of the notes to buy the initial portfolio of 252,911,072.35. It used part of the proceeds of the initial balance of the unrated class C notes to fund a reserve amount at 5,458,479.37. The reserve fund is 2.5% of the rated notes' outstanding balance with a floor of 1.75% of the initial balance of the rated notes (including any further increases of the rated notes during the ramp-up period). Civitas SPV can use the reserve...
