...S&P Global Ratings has assigned its ratings to the class A and B notes from Civitas SPV S.r.l. series 2019-1. As part of this issuance, Civitas SPV also issued unrated class C notes. The transaction is a securitization of a pool of secured and unsecured loans that the originator granted to Italian small and midsize enterprises (SMEs). The issuer is a special-purpose entity (SPE), incorporated as a limited-liability company in Italy under article 3 of Law 130. Its only purpose is to perform securitization transactions. Our ratings on the class A and B 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, sovereign risk, and operational and legal risks. Our analysis indicates that the available credit enhancement for the class A and B notes is sufficient to mitigate the notes' exposure to the risks at 'A (sf)' and '### (sf)' rating levels, respectively....
