Roberto Paciotti is assuming the responsibilities of global analytical manager, covered bonds, at Standard & Poor’s, as Karen Naylor heads off on a sabbatical lasting into next year.

Paciotti was previously head of structured finance analytical outreach, based in Milan. He rejoined S&P in September 2007 after two years at Cassa Depositi e Prestiti, having previously headed the rating agency’s Italian structured finance rating activities from 2001 to 2005.

Naylor has worked at S&P for some 20 years.

In March the rating agency appointed Michelle Weston as structured finance regional practice leader for EMEA, a remit that takes in covered bonds.