Fitch revises Douro notes view to positive

Fitch Ratings said it revised the outlook on Douro Finance BV's series 2014-180 €32 million credit-linked secured limited recourse floating-rate notes due 2027 to positive from negative and affirmed them at BBB-sf.

Fitch said the action reflects the outlook revision on Caixabank (BBB/positive/F2), one of the risk-presenting entities as issuer of the charged assets. Fitch revised CaixaBank's outlook to positive from negative and affirmed its long-term issuer default rating at BBB on July 1.

The other risk-presenting entity is BBVA (A-/stable/F2) as the notes are exposed to the risk of BBVA defaulting under the swap contract with the issuer, the agency said. Fitch upgraded BBVA to A- from BBB+ on May 29, one notch above the Spanish sovereign rating as it benefits from solid retail franchises in a number of European and Latin American countries.

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