TEXT-Fitch cuts XIV-XVI Ltd, assigns negative outlook

Fri Jun 8, 2012 3:49pm EDT

June 8 - Fitch Ratings has downgraded the ratings to 'BBBsf' and assigned
the senior and subordinated facilities from Currus XIV-XVI Limited a Negative
Rating Outlook. A complete list of ratings is provided at the end of this
release.	
	
These rating downgrades reflect the current ratings of the underlying
collateral, the class A2 and A4 Spanish residential mortgage backed security
(RMBS) notes issued by Banco Bilbo Vizcaya's BBVA RMBS II Trust, which were
downgraded by Fitch on May 23, 2012 to 'BBBsf' with a Negative Outlook from
'AAsf', on Rating Watch Negative. For more information please see Fitch's rating
action commentary titled 'Fitch Downgrades BBVA RMBS' dated May 23, 2012.	
	
Fitch has taken the following rating actions:	
	
Currus XIV Limited	
--EUR166,400,000 senior facility downgraded to 'BBBsf' from 'AAsf'; Outlook
Negative;	
--EUR2,133,333 subordinated B1 facility downgraded to 'BBBsf' from 'AAsf';
Outlook Negative;	
--EUR2,133,333 subordinated B2 facility downgraded to 'BBBsf' from 'AAsf';
Outlook Negative.	
	
Currus XV Limited	
--EUR166,400,000 senior facility downgraded to 'BBBsf' from 'AAsf'; Outlook
Negative;	
--EUR2,133,333 subordinated B1 facility downgraded to 'BBBsf' from 'AAsf';
Outlook Negative;	
--EUR2,133,333 subordinated B2 facility downgraded to 'BBBsf' from 'AAsf';
Outlook Negative.	
	
Currus XVI Limited	
--EUR166,400,000 senior facility downgraded to 'BBBsf' from 'AAsf'; Outlook
Negative;	
--EUR2,133,333 subordinated B1 facility downgraded to 'BBBsf' from 'AAsf';
Outlook Negative;	
--EUR2,133,333 subordinated B2 facility downgraded to 'BBBsf' from 'AAsf';
Outlook Negative.	
	
Additional information is available at 'www.fitchratings.com'. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.	
	
Applicable Criteria and Related Research:	
	
--'Global Structured Finance Rating Criteria', dated Aug. 4, 2011.	
	
Applicable Criteria and Related Research:	
Global Structured Finance Rating Criteria
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