DBRS Discontinues Rating on the Series A Notes issued by BBVA Consumo 4

DBRS Ratings Limited (DBRS) has today discontinued the rating on the Series A notes issued by BBVA Consumo 4 F.T.A. due to repayment on 23 December 2014. The Series A notes, previously rated AAA (sf), are now Discontinued-Repaid.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology applicable is the “Master European Structured Finance Surveillance Methodology.”

This can be found on www.dbrs.com at:
http://www.dbrs.com/about/methodologies

The sources of information used for this rating include investor reports provided by Europea de Titulizacion, S.G.F.T, S.A.

DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The last rating action on this transaction took place on 18 June 2014, when DBRS upgraded the Series A notes to AAA (sf) from A (sf) and upgraded the Series B notes to A (sf) from BBB (high) (sf).

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.

For further information on DBRS historic default rates published by the European Securities and Markets Administration 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: Bruno Franco
Initial Rating Date: 11 June 2013
Initial Rating Committee Chair: Chuck Weilamann

Lead Surveillance Analyst: Vito Natale
Rating Committee Chair: Diana Turner

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