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Several Rating Actions Taken On Notes In BBVA Autos 2 FTA And BBVA Finanzia Autos 1 FTA's Spanish Auto ABS Transactions Sep 09 Product Image

Several Rating Actions Taken On Notes In BBVA Autos 2 FTA And BBVA Finanzia Autos 1 FTA's Spanish Auto ABS Transactions Sep 09

  • Published: September 2009
  • Standard & Poors

Abstract
OVERVIEW Today's rating actions reflect our opinion that a significant portion of delinquent loans may become defaulted assets relative to outstanding levels of credit support. We lowered our ratings on the class C notes issued by BBVA Autos 2 FTA and by BBVA Finanzia Autos 1 FTA, among other actions, and all notes in BBVA Finanzia Autos 1 FTA are on CreditWatch negative. Both deals are backed by portfolios of Spanish loans granted to purchase new and used cars. MADRID (Standard & Poor's) Sept. 30, 2009--Standard & Poor's Ratings Services today took various actions on all the notes issued by BBVA Autos 2, Fondo de Titulizacion de Activos and BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos (see "Ratings...

Companies mentioned in this report are:
- BBVA Autos 2, Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.
- BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos

Action: Affirmed
Action: Downgraded
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

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- BBVA Autos 2, Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.
- BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos

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