Fitch Downgrades Currus XIV-XVI Limited; Assigns Negative Outlooks

NEW YORK--()--Fitch Ratings has downgraded the senior and subordinated facilities of Currus XIV-XVI. Fitch has also removed all classes from Rating Watch Negative and assigned each a Negative Rating Outlook.

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 downgraded by Fitch on August 4, 2014.

Fitch downgraded the following ratings:

Currus XIV Limited

--EUR166,400,000 senior facility downgraded to 'Bsf from 'BBsf'; Outlook Negative;

--EUR2,133,333 subordinated B1 facility downgraded to 'Bsf from 'BBsf'; Outlook Negative;

--EUR2,133,333 subordinated B2 facility downgraded to 'Bsf from 'BBsf'; Outlook Negative.

Currus XV Limited

--EUR166,400,000 senior facility downgraded to 'Bsf from 'BBsf'; Outlook Negative;

--EUR2,133,333 subordinated B1 facility downgraded to 'Bsf from 'BBsf'; Outlook Negative;

--EUR2,133,333 subordinated B2 facility downgraded to 'Bsf from 'BBsf'; Outlook Negative.

Currus XVI Limited

--EUR166,400,000 senior facility downgraded to 'Bsf from 'BBsf'; Outlook Negative;

--EUR2,133,333 subordinated B1 facility downgraded to 'Bsf from 'BBsf'; Outlook Negative;

--EUR2,133,333 subordinated B2 facility downgraded to 'Bsf from 'BBsf'; Outlook Negative.

Prior to today's downgrades, all classes were on Rating Watch Negative.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria', dated Aug. 4, 2014;

--'Fitch Downgrades 10 BBVA RMBS Tranches; Affirms 3, dated Aug. 4, 2014.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=847274

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Contacts

Fitch Ratings
Primary Analyst:
Brian Perry, +1-212-908-9142
Associate Director
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson:
Steven Stubbs, +1-212-908-0676
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst:
Brian Perry, +1-212-908-9142
Associate Director
33 Whitehall St.
New York, NY 10004
or
Committee Chairperson:
Steven Stubbs, +1-212-908-0676
Senior Director
or
Sandro Scenga, +1-212-908-0278
Media Relations, New York
sandro.scenga@fitchratings.com