Preliminary Ratings Assigned In BBVA RMBS 9 FTA, Spanish RMBS Deal Apr 10

Standard & Poors, April 2010

Abstract
OVERVIEW We assigned preliminary ratings to the mortgage-backed floating-rate notes issued by BBVA RMBS 9 FTA. Banco Bilbao Vizcaya Argentaria is the originator of the loans to be securitized. MADRID (Standard & Poor's) April 13, 2010--Standard & Poor's Ratings Services today assigned its preliminary credit ratings to the ?1,295 million mortgage-backed floating-rate notes issued by BBVA RMBS 9, Fondo de Titulización de Activos. The originator of the loans backing the RMBS is Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA/Negative/A-1+), one of the largest primary lenders in the Spanish financial arena. The portfolio to be securitized comprises secured flexible loans to individuals resident in Spain, with loan-to-value (LTV) ratios higher than 80%. The loans are "flexible" loans because their maturities can...

Companies mentioned in this report are:
- BBVA RMBS 9, Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

Action: Preliminary 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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- BBVA RMBS 9, Fondo de Titulizacion de Activos
- Banco Bilbao Vizcaya Argentaria S.A.

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