Jorge Juan, 68 (2º) - 28009 MADRID – www.edt-sg.com – info@edt-sg.com Registro Mercantil de Madrid. Tomo 34164, Folio 188, Hoja M-89355, Inscripción 148 Fecha 06/11/2020 NIF A-80514466
En virtud de lo establecido en el Folleto Informativo de BBVA CONSUMO 13 FONDO DE
TITULIZACIÓN (el “Fondo”) se comunica a la COMISIÓN NACIONAL DEL MERCADO DE
VALORES la presente información relevante:
La Agencia de Calificación Fitch Ratings (“Fitch”) con fecha 29 de septiembre de 2026, comunica que ha elevado la calificación asignada a la siguiente Serie de Bonos emitidos por el
Fondo:
Serie A: AA+sf (anterior, A+sf)
Asimismo, Fitch ha confirmado la calificación asignada a las restantes Series de Bonos:
Serie B: BBB-sf
Se adjunta la comunicación emitida por Fitch.
Madrid, 29 de septiembre de 2026
Otra Información Relevante de BBVA CONSUMO 13 FONDO DE TITULIZACIÓN
RATING ACTION COMMENTARY
Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13 Tue 29 Sep, 2026 - 12:34 ET Fitch Ratings - Madrid - 29 Sep 2026: Fitch Ratings has upgraded BBVA Consumo 12, FT's class B notes and BBVA Consumo 13, FT's class A notes and affirmed the rest, as detailed below.
RATING ACTIONS
ENTITY / DEBT RATING
TYPE RATING RATING
ACTION PRIOR
BBVA Consumo 12, FT LT AA+sf Rati ng
Outlook
StableAffirmed AA+sf Ratin
g Outlook
StableClass A
ES0305701007
LT BBB+sf Ra
ting
Outlook
StableUpgrade BBB-
sf Rating
Outlook
StableClass B
ES0305701015
BBVA Consumo 13, FT LT AA+sf Rati ng
Outlook
StableUpgrade A+sf Rating
Outlook
StableClass A
ES0305763007 Sign In|Register30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
https://www.fitchratings.com/research/structured-finance/fitch-upgrades-2-tranches-of-bbva-consumo-12-13-29-09-2026 1/9
VIEW ADDITIONAL RATING DETAILS
TRANSACTION SUMMARY
The transactions are static securitisations of fully amortising general-purpose consumer loans originated by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; A/Stable/F1; deposit rating A+) to Spanish residents. The transactions closed in 2023 and 2024, are amortising sequentially, and have current loan pools at the original balance of 26.6% for BBVA Consumo 12 and 38.8% for BBVA Consumo 13 at the latest reporting dates.
The portfolios include pre-approved loans (about 80% of the outstanding portfolio balances) and on-demand loans. Pre-approved loans are underwritten to existing BBVA customers, mainly bas ed on the borrower's credit profile and transaction record with the lender.
KEY RATING DRIVERS
Rising Credit Enhancement: The rating actions reflect the continuing build-up of credit enhancement (CE) due to the sequential note amortisation of both deals. As of August 2026 CE for the most senior class A tranche had increased to 28.8% for BBVA Consumo 12 (versus 21.7% last year) and to 22.9% for BBVA Consumo 13 (versus 16.9% last year).
We project CE build-up to continue to be driven by the sequential amortisation and by our expectation that the reserve fund will soon reach its absolute floor level (for BBVA Consumo 12). CE for both deals is sufficient to compensate the projected losses commensurate with the ratings.
Mixed Performance Drives Recalibrated Assumptions: Fitch has recalibrated the remaining life bas e case default rate to 4.5% (from 5.5%) and the 'AAAsf' multiple to 5.0x (from 4.5x) for BBVA Consumo 12, reflecting the actual and projected portfolio performance while maintaining all other asset assumptions. Fitch has maintained all asset assumptions unchanged for BBVA Consumo 13, with base case default and recovery rates of 6.3% and 30%, respectively.
As of the latest reporting dates, BBVA Consumo 12 continues to demonstrate robust performance with gross cumulative defaults at 2.7% of the initial portfolio balance and arrears over 90 days at 0.3% of the current portfolio balance. The corresponding ratios for BBVA Consumo 13 were 4.1% and 0.5%, in line with our expectations. Fitch's expectations for BBVA Consumo 13 reflected the pool's higher-risk characteristics,LT BBB-
sf Rating
Outlook
StableAffirmed BBB-
sf Rating
Outlook
StableClass B
ES0305763015 30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
https://www.fitchratings.com/research/structured-finance/fitch-upgrades-2-tranches-of-bbva-consumo-12-13-29-09-2026 2/9
including exposure to borrowers with BBVA's lowest internal scores and higher exposure to foreign borrowers.
Counterparty Rating Cap: The maximum achievable rating for both transactions remains 'AA+sf' under Fitch's Counterparty Criteria, due to the minimum eligibility rating threshold defined for the transaction account bank (TAB) of 'A- ' , which is insufficient to support 'AAAsf' ratings. In addition, the maximum achievable rating for the class B notes in both deals is equivalent to the TAB's 'A+' deposit rating (BBVA) due to excessive counterparty dependency. This is because the reserve fund held at the TAB represents a large source of CE and a sudde n loss of such funds would imply a steep rating downgrade.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating
Action/Downgrade
- Long-term asset performance deterioration such as increased delinquencies or reduced portfolio yield, which could be driven by changes in portfolio characteristics, macroeconomic conditions or business practices. For instance, an increased loss rate on the portfolios by 25% could trigger downgrades of up to three notches.
Factors that Could, Individually or Collectively, Lead to Positive Rating
Action/Upgrade
- CE ratios increasing as the transactions deleverage to fully compensate the credit losses and cash flow stresses associated with higher ratings.
- Smaller losses on the portfolios than the stresses calibrated for each rating case. For instance, a decreased loss rate on the portfolios by 25% could trigger upgrades of up to four notches.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
https://www.fitchratings.com/research/structured-finance/fitch-upgrades-2-tranches-of-bbva-consumo-12-13-29-09-2026 3/9
Prior to the transactions' closing, Fitch reviewed the results of a third-par ty assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis.
Prior to the transactions' closing, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio.
Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
FITCH RATINGS ANALYSTS
Bernat Torras Soley
Analyst
Surveillance Rating Analyst +34 91 123 5176
bernat.torrassoley@fitchratings.com
Fitch Ratings Ireland Spanish Branch, Sucursal en Españ a Pza de Pablo Ruiz Picasso 1 Torre Picasso 19th floor Madrid 28020
Andy Brewer
Senior Director
Committee Chairperson30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
https://www.fitchratings.com/research/structured-finance/fitch-upgrades-2-tranches-of-bbva-consumo-12-13-29-09-2026 4/9
+44 20 3530 1005
andy.brewer@fitchratings.com
MEDIA CONTACTS
Athos Larkou
London
+44 20 3530 1549
athos.larkou@thefitchgroup.com
Pilar Perez
Barcelona
+34 93 323 8414
pilar.perez@fitchratings.com
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.
APPLICABLE CRITERIA
APPLICABLE MODELS
Numbers in parentheses acco mpanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Consumer ABS Rating Criteria (pub. 11 Oct 2024) (including rating assumption
sensitivity)
Structured Finance and Covered Bonds Interest Rate Stresses Rating Criteria (pub. 24
Oct 2025)
Global Structured Finance Rating Criteria (pub. 05 Dec 2025) (including rating
assumption sensitivity)
Structured Finance and Covered Bonds Country Risk Rating Criteria (pub. 16 Jun 2026) Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 26 Jun 2026)30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
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Consumer ABS Asset Model, v1.3.0 (1) Multi-Asset Cash Flow Model, v3.9.1 (1)
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https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating scale and rating categories, including definitions relating to default. ESMA and the FCA are required to publish historical default rates in a central repository in acco rdan ce with Articles 11(2) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 and The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 respectively.
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In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in aBBVA Consumo 12, FT EU Issued, UK Endorsed BBVA Consumo 13, FT EU Issued, UK Endorsed30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
https://www.fitchratings.com/research/structured-finance/fitch-upgrades-2-tranches-of-bbva-consumo-12-13-29-09-2026 6/9
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The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are bas ed on established criteria and methodologies that Fitch is continuously30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
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For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). Wh ile certain of the NRSRO's credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13
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SOLICITATION STATUS
The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.
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ENDORSEMENT POLICY
Fitch’s international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU Regulation or the UK Regulation, as the case may be. Fitch’s approach to endorsement in the EU and the UK can be found on Fitch’s Regulatory Affairs page on Fitch’s website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily bas is.30/9/26, 9:35 Fitch Upgrades 2 Tranches of BBVA Consumo 12 and 13