Fitch gives Douro notes BBB-sf

Fitch Ratings said it assigned a BBB-sf rating to Douro Finance BV's series 2014-180 €32 million credit linked secured limited recourse floating-rate notes due 2027.

The outlook is negative.

The rating addresses the timely payment of interest according to the terms and conditions of the documentation, as well as the repayment of principal by the legal final maturity date on Nov. 26, 2027.

Fitch said the rating reflects the credit quality of two risk-presenting entities, Banco Bilbao Vizcaya Argentaria SA (BBVA, BBB+/stable/F2) as swap counterparty and Caixabank SA (BBB/negative/F2) as issuer of the charged asset, as well as the legal and financial structure of Douro.

The issuer is a private company with limited liability incorporated in the Netherlands under Dutch law, for the purpose of issuing notes and alternative investments in compartmentalized, limited-recourse series up to a maximum combined limit of €5 billion.

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