This report does not constitute a rating action. MILAN (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today published"Methodology For Rating SME Securitizations ."The article is an updated version of its approach to rating pools of diversified credit exposures to small and midsize enterprises, excluding Small Business Administration loans or loans to SMEs in the U.S. This methodology follows our request for comment (RFC), titled"Request For Comment: Methodology For Rating SME Securitizations ,"published July 16, 2026. For the changes between the RFC and the final criteria, as well as a summary of the comments received during the RFC process, see"RFC Process Summary: RFC Results For Methodology For Rating SME Securitizations , published
