Given the significant increase in credit enhancement available to the class A and B notes, our ratings on the notes in this transaction are not constrained by the long-term issuer credit rating (ICR) on the swap provider, Banco Bilbao Vizcaya Argentaria S.A. (BBVA; BBB-/Negative/A-3). On Oct. 15, 2012, we lowered our ICR on BBVA to 'BBB-/A-3' from 'BBB+/A-2' (see "Various Rating Actions On Spanish Financial Institutions Following Sovereign Downgrade"). Since Oct. 15, 2012, our short-term rating on BBVA has been below the level required by the transaction documents, which do not reflect our 2012 counterparty criteria (see "Counterparty Risk Framework Methodology And Assumptions," published on Nov. 29, 2012). Therefore, we have conducted our cash flow analysis assuming that the transaction does not benefit from any support under the swap agreement.