News Column

Fitch Places Currus XIV-XVI Limited on Rating Watch Negative

May 19, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has placed the senior and subordinated facilities of Currus XIV-XVI on Rating Watch Negative.

KEY RATING DRIVERS:

This rating action reflects the current ratings of the underlying collateral, the class A2 and A4 Spanish residential mortgage backed security (RMBS) notes issued by Banco Bilbo Vizcaya's BBVA RMBS II Trust, which were placed on Rating Watch Negative by Fitch on May 16, 2014.

Fitch places the following ratings on Rating Watch Negative:

Currus XIV Limited

--EUR166,400,000 senior facility rated 'BBsf';

--EUR2,133,333 subordinated B1 facility rated 'BBsf';

--EUR2,133,333 subordinated B2 facility rated 'BBsf'.

Currus XV Limited

--EUR166,400,000 senior facility rated 'BBsf';

--EUR2,133,333 subordinated B1 facility rated 'BBsf';

--EUR2,133,333 subordinated B2 facility rated 'BBsf'.

Currus XVI Limited

--EUR166,400,000 senior facility rated 'BBsf';

--EUR2,133,333 subordinated B1 facility rated 'BBsf';

--EUR2,133,333 subordinated B2 facility rated 'BBsf'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria', dated May. 24, 2013;

--'Fitch Places BBVA RMBS on RWN', dated May 16, 2014.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=830719

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com

or

Primary Analyst

Brian Perry, +1-212-908-9142

Associate Director

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Kevin Corrigan, +1-212-908-9156

Senior Director

Source: Fitch Ratings


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