DBRS Confirms the Rating on the Notes Issued by Civitas SPV S.r.l. and Removes UR-Negative

DBRS Ratings Limited (“DBRS”) has today confirmed the A (low) (sf) rating on the EUR 228,040,531 Series 2012-2-A Notes issued by Civitas SPV S.r.l. (“the Issuer”) and has removed them from Under Review with Negative Implications.

The transaction is a cash flow securitisation collateralised by a portfolio of bank loans to Italian small and medium sized enterprises (“SMEs”) originated by Banca di Cividale S.p.A (“Banca di Cividale”). The rating on the Series 2012-2-A Notes addresses the timely payment of interest and ultimate payment of principal payable on or before the Final Maturity Date in October 2055.

The principal methodology is the Master European Granular Corporate Securitisations (SME CLOs), which can be found on our website under Methodologies.

Banca di Cividale acts as the Originator and Servicer, Banca Popolare di Cividale S.c.p.A. acts as the Cash Manager. BNP Paribas Securities Services, Milan Branch is the Account Bank and Paying Agent. In addition, Securitisation Services acts as Computation Agent, Corporate Servicer, Back-up Servicer Facilitator and Representative of Noteholders.

The rating actions reflect the 6 March 2013 downgrade of the Republic of Italy’s long-term and local currency debt to A (low) from ‘A’, with both ratings remaining on Negative Trend, including the incorporation of a sovereign related stress component in the rating analysis, related to the A (low) rating on trend Negative, to address the impact of macroeconomic variables on collateral performance.

For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”, located at http://dbrs.com/research/239786.

The sources of information used for these ratings include the parties involved in the rating, including but not limited to the Originator, the Issuer and its agents.

Further information on DBRS’s analysis of this transaction is available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

For additional information on DBRS European SME CLO(s), please see European Disclosure Requirements, located at http://dbrs.com/research/235269.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Initial Lead Analyst: Simon Ross
Initial Rating Date: 1 August 2012
Lead Surveillance Analyst: Alfonso Candelas
Most Recent Rating Update: 14 March 2013
Rating Committee Chair: Jerry van Koolbergen

Note:
All figures are in Euros unless otherwise noted.