TEXT-S&P raises rtgs on BBVA Finanzia Autos 1's Class A and B Nts

(The following statement was released by the rating agency)

Dec 28 -

OVERVIEW

-- We have reviewed BBVA Finanzia Autos 1's collateral performance, considering recent delinquency, default, and recovery levels, as well as the transaction's structural features.

-- Following our review, we have raised our ratings on BBVA Finanzia Autos 1's class A and B notes to reflect the significant increase in the level of available credit enhancement since our last review in July 2011, due to the amortization of the senior notes.

-- At the same time, we have lowered to 'CCC- (sf)' from 'CCC (sf)' our rating on the class C notes.

-- BBVA Finanzia Autos 1, originated by Finanzia Banco de Credito, is backed by a portfolio of Spanish loans granted to purchase new and used cars.

Standard & Poor's Ratings Services today raised its credit ratings on BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos' class A and B notes. At the same time, we have lowered to 'CCC- (sf)' from 'CCC (sf)' our rating on the class C notes (see list below).

On July 15, 2011, we lowered our ratings on the class A and B notes to 'A (sf)' and 'BB (sf)', respectively, and affirmed our 'CCC (sf)' rating on the class C notes, in light of the significant performance deterioration that we had observed, including rising cumulative defaults, which had exceeded our expectations (see "Ratings Lowered In Spanish ABS Transaction BBVA Finanzia Autos 1 Following Credit Deterioration").

View the original article here