Scope Ratings has reviewed the performance of BBVA CONSUMO 8 FT and no rating action is warranted. (Current ratings on the transaction are available here and here.)

Credit enhancement has increased to 24% for the class A notes, up from 17% at closing, while class B credit enhancement has increased to 6.4% from 4.5% at closing. Performance is stable, with loans more than 90 days past due representing 0.55% of the outstanding non-defaulted assets. The liquidity reserve amounts to 6.5% of the outstanding non-defaulted assets. Additionally, sufficient excess spread is available to protect the class A and B notes from losses. Performance was assessed from data provided through 31 January 2019. Banco Bilbao Vizcaya Argentaria SA (A+\S-1+\Stable Outlook) continues to support the ratings as servicer, account bank and paying agent.

The transaction is a true-sale securitisation of a granular EUR 408.4m portfolio of fully amortizing, unsecured auto loans granted to Spanish private and self-employed individuals. The fixed-rate loans were originated by BBVA. At closing, the transaction entered an 18-month replenishment period that concluded in January 2018. The structure has since deleveraged and follows a strictly sequential amortisation profile.

Scope continuously monitors BBVA CONSUMO 8 FT.

Ratings and research are freely available at www.scoperatings.com.