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:
- Banco Bilbao Vizcaya Argentaria S.A.
Action: New Rating
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Research Type: Full Analysis