Fitch Downgrades Currus XIV-XVI Limited; Maintains Negative Rating Outlook

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has downgraded the ratings of the senior and subordinated facilities of Currus XIV-XVI to 'BBsf' from 'BBBsf'. The Rating Outlook remains Negative.

KEY RATING DRIVERS

These rating downgrades reflect 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 May 17, 2013 to 'BBsf' with a Negative Outlook from 'BBBsf', on Rating Watch Negative. For more information please see Fitch's rating action commentary entitled 'Fitch Takes Rating Actions on 80 Spanish RMBS' dated May 17, 2013.

Fitch has taken the following rating actions:

Currus XIV Limited

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

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

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

Currus XV Limited

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

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

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

Currus XVI Limited

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

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

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

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria', dated June 6, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=791848

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