Moody's Investors Service has assigned provisional ratings to three series of notes issued by BBVA EMPRESAS 6.
BBVA EMPRESAS 6 is a securitization of loans granted by BBVA to corporate obligors and small- and medium-sized enterprises (SME) in Spain.
The portfolio comprises secured and unsecured loans, mainly used to fund general working capital and long-term business expansion. BBVA is acting as servicer of the loans while Europea de Titulizacion S.G.F.T., S.A. is the management company.
Moody's has assigned the €804 million ($1.04 billion), series A notes a rating of 'Aaa (sf)', the €240 million, series B notes, a rating of 'Ba3(sf)' and the €156 million series C notes a rating of 'B3(sf).'
The portfolio backing the deal is comprised of 4,381 contracts granted to obligors located in Spain.
The loans were originated between the year 2000 and June 2011, and have a weighted average seasoning of 1.9 years and a weighted average remaining term of 7.3 years.
Around 60% of the outstanding the portfolio is secured by first-lien mortgage guarantees over different types of properties. Geographically, the pool is concentrated mostly in Catalonia (24%), Madrid (19.1%) and Andalusia (13.7%).