Ratings Raised On Italian RMBS Transaction Civitas SPV Series 2017-1's Class A1 And A2 Notes

OVERVIEW On Nov. 24, 2017, we placed on CreditWatch positive our ratings on Civitas SPV series 2017-1's class A1 and A2 notes, following our Oct. 27, 2017 upgrade of the Republic of Italy. The ratings on the class A1 and A2 are capped at four notches above the sovereign rating, as at closing they passed the severe stress run under our RAS criteria, but not the extreme stress. We have raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive our ratings on the class A1 and A2 notes following the application of our RAS criteria. Civitas SPV's series 2017-1 is a securitization of a pool of Italian residential mortgages that Banca Popolare di Cividale granted to individuals,

...OVERVIEW + On Nov. 24, 2017, we placed on CreditWatch positive our ratings on Civitas SPV series 2017-1's class A1 and A2 notes, following our Oct. 27, 2017 upgrade of the Republic of Italy. + The ratings on the class A1 and A2 are capped at four notches above the sovereign rating, as at closing they passed the severe stress run under our RAS criteria, but not the extreme stress. + We have raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive our ratings on the class A1 and A2 notes following the application of our RAS criteria. + Civitas SPV's series 2017-1 is a securitization of a pool of Italian residential mortgages that Banca Popolare di Cividale granted to individuals, small entrepreneurs, and artisans. The transaction features a three-year ramp-up period. MILAN (S&P Global Ratings) Dec. 22, 2017--S&P Global Ratings today raised to 'A+ (sf)' from 'A (sf)' and removed from CreditWatch positive its credit ratings on Civitas SPV S.r.l. series 2017-1's class A1 and A2...

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