New Issue: BBVA RMBS 7, Fondo de Titulización de Activos May 11
Standard & Poors, May 2011
Abstract
On the Feb. 24, 2011, Standard & Poor's Ratings Services assigned credit ratings to BBVA RMBS 7, Fondo de Titulización de Activos' class A floating-rate notes. On the last payment date, March 21, 2011, class A had amortized to ?6,108.41 million. At closing, BBVA RMBS 7 also issued unrated class B and C notes. This transaction closed in November 2008, but we were not engaged to rate the notes at that time. Since closing, the class A notes have amortized to ?6,108.41 million from an initial amount of ?8,211.00 million. At closing, BBVA RMBS 7 acquired credit rights backed by flexible prime mortgage loans (see "Notable Features"). To fund this purchase, it issued three classes of notes. A reserve fund...
Companies mentioned in this report are:
- Banco Bilbao Vizcaya Argentaria S.A.
Action: New Rating
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
- Banco Bilbao Vizcaya Argentaria S.A.
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