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
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Research Type: Full Analysis