The notes’ balance has remained constant at EUR 1,375bn as of 30 November 2017, and the revolving period will expire in September 2018. Delinquent assets amount to 0.5% of the outstanding portfolio balance as of 5 December 2017. Also, no defaults have been reported so far due to the transaction’s 18-month default definition. Scope expects the transaction will continue to benefit from positive macroeconomic momentum in Spain and the EU during 2018 and 2019.

BBVA CONSUMO 9 FT is a securitisation of fully amortising consumer loans. The loans were originated and granted by BBVA to individual residents in Spain to finance consumer activities. The transaction features sequential amortisation after an 18-month revolving period, subject to covenants on performance and asset eligibility.

Scope continuously monitors all rated notes from BBVA CONSUMO 9 FT. Ratings and research are available free of charge at www.scoperatings.com.