DBRS Withdraws Ratings on Secur BBVA

DBRS Ratings Limited (DBRS) has today discontinued-withdrawn the provisional ratings on the Class A and Class B Notes issued by Secur BBVA. Provisional ratings were issued on 11th April 2013. Since then, the transaction has not closed. The Class A Notes were previously rated ‘A’ (sf) and the Class B notes B (sf).

Notes:
All figures are in Euro unless otherwise noted.

The principal methodologies applicable are:
• Master European Residential Mortgage-Backed Securities Rating Methodology
• Legal Criteria for European Structured Finance Transactions
• Operational Risk Assessment for European Structured Finance Servicers
• Unified Interest Rate Model Methodology for European Securitisations

These can be found on dbrs.com under Methodologies. For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”.

The sources of information used for this rating include investor reports and documents provided by the issuer. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Initial Lead Analyst: Konstantine Pastras
Initial Provisional Rating Date: April 11, 2013
Rating Committee Chair: Claire Mezzanotte
Lead Surveillance Analyst: Keith Gorman