...- We have assigned our ratings to BBVA Consumer Auto 2020-1 Fondo de Titulizacion's class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. - BBVA Consumer Auto 2020-1 securitizes a portfolio of Spanish auto loans that BBVA originated. MADRID (S&P Global Ratings) June 18, 2020--S&P Global Ratings today assigned its credit ratings to BBVA Consumer Auto 2020-1 Fondo de Titulizacion's (BBVA 2020-1) class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, BBVA 2020-1 also issued unrated class F-Dfrd and Z notes (see list above). The transaction securitizes a portfolio of Spanish auto loans that Banco Bilbao Vizcaya Argentaria S.A. (BBVA) originated. The issuer used the class A to F-Dfrd notes' issuance proceeds to purchase the loans, and the class Z notes' issuance proceeds to fund the reserve fund. Under the transaction documents, the issuer can purchase further eligible receivables during the first 18 months of the revolving period, as long as no early amortization events occur. The assets...
