TEXT-S&P takes rating actions in 5 BBVA Spanish SME CLO deals

Tue Nov 6, 2012 8:29am EST

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(The following statement was released by the rating agency)

Nov 06 -

OVERVIEW

-- We have reviewed the performance of five BBVA -originated Spanish SME CLO transactions, performing our credit and cash flow analysis using the latest available trustee reports.

-- Since our previous reviews in 2010, obligor, sector, and geographical concentration risk has increased in the underlying collateral for each transaction.

-- Consequently, we have today taken various rating actions in BBVA Empresas 1, BBVA-4 PYME, BBVA-5 FTPYME, BBVA-7 FTGENCAT, and BBVA-8 FTPYME.

-- We have also reviewed counterparty risk in the transactions, and considered remedy actions taken (if any). We have concluded that counterparty risk is currently sufficiently mitigated in accordance with our criteria, so as to not affect our rating actions, with the exception of BBVA-7 FTGENCAT.

Standard & Poor's Ratings Services today took various credit rating actions on all classes of notes in five small and midsize enterprise (SME) collateralized loan obligation (CLO) transactions originated by Banco Bilbao Vizcaya Argentaria S.A.(BBVA; BBB-/Negative/A-3):

-- BBVA Empresas 1, Fondo de Titulizacion de Activos (BBVA Empresas 1);

-- BBVA-4 PYME Fondo de Titulizacion de Activos (BBVA-4 PYME);

-- BBVA-5 FTPYME Fondo de Titulizacion de Activos (BBVA-5 FTPYME);

-- BBVA-7 FTGENCAT Fondo de Titulizacion de Activos (BBVA-7 FTGENCAT); and

-- BBVA-8 FTPYME Fondo de Titulizacion de Activos (BBVA-8 FTPYME). Please see ratings list below.

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