Rating Affirmed On Civitas SPV's Series 2012-1 Class A Italian RMBS Notes Following Size Increase And Criteria Updates

OVERVIEW On Jan. 19, 2015, Civitas SPV purchased a portfolio of mortgage loans Banca Popolare di Cividale (BP Cividale) granted to individuals. Civitas SPV funded the purchase through the increase of the size of series 2012-1's notes issuance. We have reviewed Civitas SPV's series 2012-1 by conducting our credit and cash flow analysis under our updated Italian RMBS criteria and our updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. Our rating on the sovereign constrains our rating on the class A notes. Following our review, we have affirmed our 'AA- (sf)' rating on the class A notes. Civitas SPV's series 2012-1 is an Italian RMBS transaction, which closed in March 2012 and securitizes first-ranking mortgage loans.

...OVERVIEW + On Jan. 19, 2015, Civitas SPV purchased a portfolio of mortgage loans Banca Popolare di Cividale (BP Cividale) granted to individuals. Civitas SPV funded the purchase through the increase of the size of series 2012-1's notes issuance. + We have reviewed Civitas SPV's series 2012-1 by conducting our credit and cash flow analysis under our updated Italian RMBS criteria and our updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. + Our rating on the sovereign constrains our rating on the class A notes. + Following our review, we have affirmed our '##- (sf)' rating on the class A notes. + Civitas SPV's series 2012-1 is an Italian RMBS transaction, which closed in March 2012 and securitizes first-ranking mortgage loans. LONDON (Standard & Poor's) Jan. 26, 2015--Standard & Poor's Ratings Services today affirmed its '##- (sf)' credit rating on Civitas SPV S.r.l. series 2012-1 's class A notes. Upon publishing our updated criteria...

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