Moody's Takes Multiple Actions on BBVA Empresas Spanish ABS SME Notes

London, 20 June 2013 -- Moody's Investors Service has today downgraded by one notch the junior tranche of BBVA Empresas 5 and upgraded by three to four notches the ratings of the junior and mezzanine tranches of BBVA Empresas 3 and BBVA Empresas 6. At the same time, Moody's confirmed the ratings of six tranches (rated from B3 (sf) to A3 (sf)) of BBVA Empresas 3, BBVA Empresas 4, BBVA Empresas 5 and BBVA Empresas 6. While increased counterparty risk and exposure to borrower concentration triggered the downgrade of the junior tranche of BBVA Empresas 5, sufficient credit enhancement, which protects against sovereign and counterparty risk, primarily drove the rating upgrades and confirmations.

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