...OVERVIEW + We have assigned ratings to Civitas SPV's class A1, A2, and B series 2017-1 notes. + The transaction is a securitization of a pool of Italian residential mortgages that Banca Popolare di Cividale granted mainly to individuals. MILAN (S&P Global Ratings) July 19, 2017--S&P Global Ratings today 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 (see list below). 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. 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...
