Rating Affirmed On Civitas SPV's Series 2012-2 Class A Italian SME CLO Notes Following Size Increase

OVERVIEW On Oct. 25, 2016, Civitas SPV purchased a portfolio of mortgage loans over commercial and residential properties and unsecured loans that Banca Popolare di Cividale granted to Italian small and midsize enterprises. Civitas SPV funded the purchase through the increase of the size of the series 2012-2's notes issuance. We have reviewed the performance of the transaction so far and the characteristics of the loans to be added as part of the portfolio increase under our relevant criteria. Following our review, we have affirmed our 'A (sf)' rating on the class A notes. Civitas SPV's series 2012-2 is a single-jurisdiction cash flow CLO transaction backed by SME loans. It closed in August 2012. LONDON (S&P Global Ratings) Oct. 28,

...Overview On Oct. 25, 2016, Civitas SPv purchased a portfolio of mortgage loans over + commercial and residential properties and unsecured loans that Banca Popolare di Cividale granted to italian small and midsize enterprises. Civitas SPv funded the purchase through the increase of the size of the series 2012-2's notes issuance. we have reviewed the performance of the transaction so far and the + characteristics of the loans to be added as part of the portfolio increase under our relevant criteria. Following our review, we have affirmed our 'A (sf)' rating on the class A notes. + Civitas SPv's series 2012-2 is a single-jurisdiction cash flow CLO transaction + backed by SMe loans. it closed in August 2012. LONDON (S&P Global ratings) Oct. 28, 2016--S&P Global ratings today affirmed its 'A (sf)' credit rating on Civitas SPv S.r.l. series 2012-1's class A notes (see list below). Today's affirmation follows our analysis of the transaction, taking into account the additional loans in the portfolio...

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