Presale: BBVA Empresas 1, Fondo de Titulización de Activos Oct 07

Standard & Poors, October 2007

Abstract
Standard & Poor's Ratings Services has assigned preliminary credit ratings to the ?1.45 billion floating-rate notes to be issued by BBVA Empresas 1, Fondo de Titulización de Activos (BBVA Empresas 1). The originator is Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), the second-largest Spanish banking group and the ninth in the Eurozone by market capitalization. At closing, BBVA will sell to BBVA Empresas 1 a ?1.45 billion closed portfolio of secured and unsecured loans granted to Spanish SMEs and corporates. To fund this purchase, Europea de Titulización S.G.F.T., S.A., the trustee, will issue three series of floating-rate, quarterly paying notes, on behalf of BBVA Empresas 1. BBVA Empresas 1 will be the ninth CLO to be completed by BBVA of its...

Companies mentioned in this report are:
- Banco Bilbao Vizcaya Argentaria S.A.
- BBVA Empresas 1, Fondo de Titulizacion de Activos

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.
- BBVA Empresas 1, Fondo de Titulizacion de Activos

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