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New Issue: Civitas SPV S.r.l. (Series 2012-1) Mar 12

  • ID: 2088683
  • March 2012
  • Standard & Poors
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Standard & Poor's Ratings Services has assigned its 'AA+ (sf)' credit rating to Civitas SPV S.r.l.'s €310.3 million series 2012-1 class A asset-backed floating-rate notes. At closing, the issuer also issued €88.1 million unrated class B1 and B2 notes to fund the purchase of the portfolio and the cash reserve. The transaction securitizes a pool of residential mortgage loans that Banca Popolare di Cividale S.c.p.A. (BP Cividale) and Banca di Cividale SpA (Banca di Cividale) granted to individual borrowers and debtors classified by Bank of Italy as craftspeople and other producing families (SAE codes 614 and 615, respectively) in Italy. BP Cividale, the first originator, is the holding company of the Banca Popolare di Cividale banking group, of which Banca...

Companies mentioned in this report are:
- Civitas SPV S.r.l.

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Civitas SPV S.r.l.

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