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«Pursuant to the Prospectus for BBVA RMBS 9 FONDO DE TITULIZACIÓN DE ACTIVOS (the “Fund”) notice is given to the COMISIÓN NACIONAL DEL MERCADO ...»

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Material Event BBVA RMBS 9 FONDO DE TITULIZACIÓN DE ACTIVOS

concerning

Pursuant to the Prospectus for BBVA RMBS 9 FONDO DE TITULIZACIÓN DE ACTIVOS (the

“Fund”) notice is given to the COMISIÓN NACIONAL DEL MERCADO DE VALORES of the

following material event:

• The Rating Agency DBRS Ratings Limited (“DBRS”) advised on February 19, 2016 that it

has placed under review positive the rating assigned to the Bonds issued by the Fund:

• Bonds: A (sf), UR-Pos (previously A (sf)) Enclosed herewith is the communication issued by DBRS.

Madrid, February 22, 2016.

José Luis Casillas González Paula Torres Esperante Attorney-in-fact Attorney-in-fact Lagasca, 120 (1º) -28006 MADRID- Telf.: (34) 91 411 84 67 – Fax: (34) 91 411 84 68 – www.edt-sg.com – info@edt-sg.com Registro Mercantil de Madrid. Tomo 5461, Folio 49, Sección 8, Hoja M-89355, Inscripción 1ª Fecha 11/03/93 NIF A-80514466 P r e s s R e le as e s Date of Release: February 19, 2016 DBRS Releases Final EU Legal and Derivative Criteria, Places 38 EU SF Transactions Under Review Positive and Removes Four EU SF Transactions from Under Review Negative DBRS has today released updates to its “Legal Criteria for European Structured Finance Transactions” and “Derivative Criteria for European Structure Finance Transactions” methodologies. The methodologies are effective as of today and supersede the prior versions.

DBRS requested comments on these methodologies and received no comments from the marketplace during the comment period.

The updates reflect DBRS’s new Critical Obligations Ratings (CORs), which were introduced in the “Critical Obligations Rating Criteria” methodology published on 2 February 2016. A COR addresses the risk of default of particular obligations/exposures at certain banks that are considered critical. For DBRS, these obligations have a higher probability of being excluded from bail-in and remaining in a continuing bank than other senior unsecured obligations. As such, they are less likely to absorb losses in the event of resolution of a troubled bank, as can occur under the implementation of the Bank Recovery and Resolution Directive (BRRD).

The obligations covered by the COR encompass derivatives, payment and collection services, obligations of a bank as issuer of covered bonds, and certain liquidity lines and contingent liabilities that are considered fundamental to a bank’s performing its critical functions under the BRRD. CORs were assigned by DBRS to 33 European banking groups on 4 February 2016.

DBRS has incorporated the COR into counterparty replacement and other rating threshold levels in both its legal and derivative criteria to reflect an updated opinion on the reduced risk that these critical exposures could pose to structured finance transactions. As part of this update, DBRS also provided more granular rating levels for account bank institution replacements and eligible investments.

DBRS has deemed the updates to the methodologies to be material. During the comment period, DBRS further reviewed the impact of the updates and has identified certain transactions that may be positively affected. Accordingly, DBRS has placed 38 transactions listed below Under Review with Positive Implications (59 ratings) and has removed four transaction (six ratings) from Under Review with Negative Implications. Affected transactions include those where the related counterparties have been assigned a COR that crosses a rating trigger level compared with the previous counterparty rating, as well as transactions that have rating triggers at the new, granular levels described in the methodologies.

The principal methodologies and criteria applicable are Master European Structured Finance Surveillance Methodology, Rating CLOs Backed by Loans to European Small and Medium-Sized Enterprises (SMEs), Legal Criteria for European Structured Finance Transactions and Derivative Criteria for European Structured Finance Transactions. These can be found at http://www.dbrs.com/about/methodologies.

Fifty-nine of the ratings listed herein have been placed Under Review with Positive Implications.

Generally, the conditions that led to the assignment of ratings Under Review are resolved within a 90-day period. As this review pertains to a methodological change, the completion of the review of the transactions placed Under Review with Positive Implications is expected to be completed within a six-month period. Further information on potential rating sensitivity as a result of this methodological change will be available when resolution of the Under Review with Positive Implications placements is completed.

The source of information used for this rating action is solely the potential impact of the material methodology updates. DBRS reviews and ratings are under regular surveillance.

The last rating action date for each transaction is listed at the end of this press release. The lead analyst responsibilities for each transaction have been transferred to the lead surveillance analyst, also listed at the end of this press release.

Information regarding DBRS ratings, including definitions, policies and methodologies, is available on www.dbrs.com.

For further information on DBRS’s historic default rates published by the European Securities and Markets Administration (ESMA) in a central repository see http://cerep.esma.europa.eu/cerepweb/statistics/defaults.xhtml.





For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

DBRS Ratings Limited 1 Minster Court, 10th Floor Mincing Lane London, EC3R 7AA United Kingdom Registered in England and Wales: No. 7139960 DBRS criteria and methodologies are publicly available on its website www.dbrs.com under Methodologies.

The rating table below lists the European SF transactions rated by DBRS that have been placed Under Review with Positive Implications, as well as the European SF transactions rated by DBRS that have been removed from Under Review with Negative Implications. The Rating Committee Chair for these transactions was Chuck Weilamann.

2012 Popolare Bari SME S.r.l.

Initial Lead Analyst: Carlos Silva Initial Rating Date: 17 December 2012 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 26 February 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann Alchera SPV S.r.l.

Initial Lead Analyst: Marcello Bonassoli Initial Rating Date: 27 June 2013 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 17 February 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann AyT Goya Hipotecario IV, Fondo de Titulización de Activos Initial Lead Analyst: Alastair Bigley Initial Rating Date: 18 April 2011 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 29 January 2016 Lead Surveillance Analyst: Vito Natale Rating Committee Chair: Chuck Weilamann AyT Goya Hipotecario V, Fondo de Titulización de Activos Initial Lead Analyst: David Sánchez Rodríguez Initial Rating Date: 29 December 2011 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 15 October 2015 Lead Surveillance Analyst: Vito Natale Rating Committee Chair: Chuck Weilamann BBVA Empresas 4 FTA Initial Lead Analyst: María López Initial Rating Date: 7 November 2012 Initial Rating Committee Chair: Jerry Van Koolbergen Most Recent Rating Action: 27 October 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann BBVA Portugal RMBS No. 1 Initial Lead Analyst: Asim Zaman Initial Rating Date: 31 December 2015 Initial Rating Committee Chair: Diana Turner Most Recent Rating Action: 31 December 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann BBVA RMBS 12 FTA Initial Lead Analyst: David Sánchez Rodríguez Initial Rating Date: 5 December 2013 Initial Rating Committee Chair: Quincy Tang Most Recent Rating Action: 4 November 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann BBVA RMBS 13 FTA Initial Lead Analyst: Sebastian Hoepfner Initial Rating Date: 11 July 2014 Initial Rating Committee Chair: Quincy Tang Most Recent Rating Action: 15 July 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann BBVA RMBS 15, FTA Initial Lead Analyst: Sebastian Hoepfner Initial Rating Date: 7 May 2015 Initial Rating Committee Chair: Quincy Tang Most Recent Rating Action: 13 May 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann BBVA RMBS 5 FTA Initial Lead Analyst: David Sánchez Rodríguez Initial Rating Date: 25 October 2012 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 27 October 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann BBVA RMBS 9, FTA Initial Lead Analyst: David Sánchez Rodríguez Initial Rating Date: 16 October 2012 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 29 October 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann BCC SME Finance 1 S.r.l.

Initial Lead Analyst: Simon Ross Initial Rating Date: 10 August 2012 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 26 February 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann BPL Mortgages S.r.l., Series V Initial Lead Analyst: Alessio Pignataro Initial Rating Date: 24 December 2012 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 29 May 2015 Lead Surveillance Analyst: Antonio Di Marco Rating Committee Chair: Chuck Weilamann BPL Mortgages S.r.l., Series VII Initial Lead Analyst: Marcello Bonassoli Initial Rating Date: 30 June 2014 Initial Rating Committee Chair: Jerry Van Koolbergen Most Recent Rating Action: 30 June 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann Civitas SPV S.r.l.

Initial Lead Analyst: Simon Ross Initial Rating Date: 1 August 2012 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 26 February 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann CR VOLTERRA 2 SPV S.r.l.

Initial Lead Analyst: Alastair Bigley Initial Rating Date: 31 July 2013 Initial Rating Committee Chair: Quincy Tang Most Recent Rating Action: 11 August 2015 Lead Surveillance Analyst: Antonio Di Marco Rating Committee Chair: Chuck Weilamann Credico Finance 10 S.r.l.

Initial Lead Analyst: Alessio Pignataro Initial Rating Date: 25 April 2012 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 29 May 2015 Lead Surveillance Analyst: Kevin Ma Rating Committee Chair: Chuck Weilamann Credico Finance 12 S.r.l.

Initial Lead Analyst: Alessio Pignataro Initial Rating Date: 12 August 2013 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 12 August 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann Credico Finance 14 S.r.l.

Initial Lead Analyst: Marcello Bonassoli Initial Rating Date: 21 October 2013 Initial Rating Committee Chair: Simon Ross Most Recent Rating Action: 22 January 2016 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann Creso 2 S.r.l.

Initial Lead Analyst: Konstantine Pastras Initial Rating Date: 2 August 2012 Initial Rating Committee Chair: Claire Mezzanotte Most Recent Rating Action: 25 March 2015 Lead Surveillance Analyst: Antonio Di Marco Rating Committee Chair: Chuck Weilamann Dominato Leonense S.r.l.

Initial Lead Analyst: Davide Nesa Initial Rating Date: 6 June 2014 Initial Rating Committee Chair: Quincy Tang Most Recent Rating Action: 3 June 2015 Lead Surveillance Analyst: Antonio Di Marco Rating Committee Chair: Chuck Weilamann Estense S.M.E. S.r.l.

Initial Lead Analyst: Mudasar Chaudhry Initial Rating Date: 17 December 2012 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 26 February 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann Foncaixa Leasings 2 F.T.A.

Initial Lead Analyst: Alessio Pignataro Initial Rating Date: 22 March 2013 Initial Rating Committee Chair: Chuck Weilamann Most Recent Rating Action: 15 June 2015 Lead Surveillance Analyst: Andrew Lynch Rating Committee Chair: Chuck Weilamann Foncaixa PYMES 6, FT Initial Lead Analyst: María López Initial Rating Date: 15 October 2015 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 22 October 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann Foncaixa PYMES 7, FT Initial Lead Analyst: Carlos Silva Initial Rating Date: 24 October 2015 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 30 November 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann FTA PYMES SANTANDER 11 Initial Lead Analyst: María López Initial Rating Date: 19 May 2015 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 19 May 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann FTPYME TDA CAM 7, F.T.A.

Initial Lead Analyst: Simon Ross Initial Rating Date: 13 June 2011 Initial Rating Committee Chair: Jerry van Koolbergen Most Recent Rating Action: 17 April 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann GAMMA - Sociedade de Titularização de Créditos, S.A. (Atlantes Finance No. 6) Initial Lead Analyst: David Sánchez Rodríguez Initial Rating Date: 28 November 2013 Initial Rating Committee Chair: Chuck Weilamann Most Recent Rating Action: 12 November 2015 Lead Surveillance Analyst: Antonio Di Marco Rating Committee Chair: Chuck Weilamann GAMMA – Sociedade de Titularização de Créditos, S.A. (ATLANTES SME No. 4) Initial Lead Analyst: Mudasar Chaudhry Initial Rating Date: 9 September 2014 Initial Rating Committee Chair: Jerry Van Koolbergen Most Recent Rating Action: 2 October 2015 Lead Surveillance Analyst: Alfonso Candelas Rating Committee Chair: Chuck Weilamann

IM BCG RMBS 2, FONDO DE TITULIZACIÓN DE ACTIVOS



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