S&P Global Ratings has assigned its 'BBB (sf)' credit rating to Olympia SPV S.r.l.'s class A notes. At closing, the issuer also issued unrated class B and J notes. Olympia SPV is an Italian transaction that securitizes a portfolio of nonperforming loans (NPLs), both secured and unsecured, totaling approximately €2.17 billion of total claim, that UniCredit SpA sold to the issuer. About 35% of the total claim is secured by first-lien mortgages over residential or commercial properties located in Italy. The rest is either unsecured (59%) or secured by a junior lien (6%). Most of the borrowers--68% of the total claim--are commercial borrowers, while the rest are individuals. We have analyzed the transaction using our global framework for assessing securitizations