New Issue: BBVA RMBS 5 Fondo de Titulizacion de Activos

Standard & Poors, June 2008

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: Full Analysis

Abstract
Standard & Poor's Ratings Services has assigned credit ratings to the -5 billion residential mortgage-backed floating-rate notes issued by BBVA RMBS 5 Fondo de Titulizaci-n de Activos. Since we assigned preliminary ratings to this transaction (May 28, 2008), the arranger has not made any material structural changes to this transaction. The originator of the loans is Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), one of the largest primary lenders in the Spanish financial arena. The securitized portfolio comprises secured loans with a loan-to-value (LTV) ratio between 15.71% and 100% to individuals resident in Spain, originated between August 1990 and December 2007. This is BBVA's first mortgage-backed securitization in 2008 and the sixth since 1999. The bank is also an experienced participant...

Companies mentioned in this report are: BBVA RMBS 5, Fondo de Titulizacion de Activos
Action: New Rating

BBVA RMBS 5, Fondo de Titulizacion de Activos

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