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New Issue: BBVA Consumo 4, Fondo de Titulización de Activos Apr 11 Product Image

New Issue: BBVA Consumo 4, Fondo de Titulización de Activos Apr 11

  • ID: 1869349
  • April 2011
  • Standard & Poors

Abstract
On March 28, 2011, Standard & Poor's Ratings Services assigned a credit rating to BBVA Consumo 4, Fondo de Titulización de Activos' ?840.68 million asset-backed floating-rate class A notes. At closing, BBVA Consumo 4 also issued unrated class B notes. This transaction closed in December 2009, but we were not engaged to rate the notes at that time. At closing, BBVA Consumo 4 sold the notes to the noteholders and used the proceeds to buy consumer loans from BBVA Finanzia Banco de Credito S.A. (BBVA Finanzia) and Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA/Negative/A-1+), the originators. The securitized portfolio comprises unsecured loans made to individuals resident in Spain. At closing, the transaction included an initial revolving period, effective until the...

Companies mentioned in this report are:
- BBVA Consumo 4 Fondo de Titulizacion de Activos
- 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

Note: Product cover images may vary from those shown

- BBVA Consumo 4 Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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