(The following statement was released by the rating agency)
Nov 06 -
-- 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
-- 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