Rating Raised And Removed From CreditWatch Positive On Civitas SPV's Class A Italian SME CLO Notes

OVERVIEW We have reviewed Civitas SPV under our SME CLO criteria and our ratings above the sovereign criteria to perform our credit and cash flow analysis. Following our review, we have raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive our rating on the class A notes. Civitas SPV is a single-jurisdiction cash flow CLO transaction backed by SME loans. It is a static deal which is currently amortizing. LONDON (S&P Global Ratings) July 27, 2018--S&P Global Ratings today raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive its credit rating on Civitas SPV S.r.l.'s class A notes. Today's rating actions follow our credit and cash flow analysis of the transaction and the application

...OVERVIEW + We have reviewed Civitas SPV under our SME CLO criteria and our ratings above the sovereign criteria to perform our credit and cash flow analysis. + Following our review, we have raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive our rating on the class A notes. + Civitas SPV is a single-jurisdiction cash flow CLO transaction backed by SME loans. It is a static deal which is currently amortizing. LONDON (S&P Global Ratings) July 27, 2018--S&P Global Ratings today raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive its credit rating on Civitas SPV S.r.l.'s class A notes. Today's rating actions follow our credit and cash flow analysis of the transaction and the application of our related criteria (see "Related Criteria"). To perform our credit and cash flow analysis we used the recent performance reports and we have applied our European small and midsize enterprise (SME) collateralized loan obligation (CLO) criteria and our current counterparty...

Ratings Action