Various Rating Actions Taken In Six Of BBVA's Spanish SME ABS Securitizations

Standard & Poors, November 2010

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Abstract
OVERVIEW We have reviewed six BBVA-originated Spanish ABS SME transactions. We have lowered our ratings on 18 tranches and affirmed our ratings on seven tranches. Loans that BBVA granted to Spanish SMEs comprise the pools that back each transaction. LONDON (Standard & Poor's) Nov. 10, 2010--Standard & Poor's Ratings Services today took various rating actions on all classes of notes in six Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) transactions. The six transactions are securitizations of loans granted to Spanish small and midsize enterprises (SMEs). Specifically, we have: Lowered our ratings on BBVA-4 PYME Fondo de Titulizacion de Activos' (BBVA 4) class B notes and BBVA-5 FTPYME Fondo de Titulizacion de Activos' (BBVA 5) class A1, A2, and A3(G) notes; Lowered...

Companies mentioned in this report are: BBVA-4 PYME Fondo de Titulizacion de Activos,BBVA-5 FTPYME Fondo de Titulizacion de Activos,BBVA-6 FTPYME Fondo de Titulizacion de Activos,BBVA Empresas 1, Fondo de Titulizacion de Activos,BBVA-7 FTGENCAT Fondo de Titulizacion de Activos,BBVA-8 FTPYME Fondo de Titulizacion de Activos
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch

BBVA-4 PYME Fondo de Titulizacion de Activos,BBVA-5 FTPYME Fondo de Titulizacion de Activos,BBVA-6 FTPYME Fondo de Titulizacion de Activos,BBVA Empresas 1, Fondo de Titulizacion de Activos,BBVA-7 FTGENCAT Fondo de Titulizacion de Activos,BBVA-8 FTPYME Fondo de Titulizacion de Activos

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