... Bilbao Vizcaya Argentaria, S.A.'s (BBVA) Long-Term IDR is driven by its intrinsic creditworthiness, as reflected in its Viability Rating (VR), which is one notch above Spain's sovereign rating (BBB+/Stable). This reflects the bank's geographically diversified retail franchise, particularly in Spain, Mexico and several South American countries, which spreads out risks and revenues and provides a resilient financial performance and loss-absorption generation capacity in times of stress. Improving Asset Quality: Loans accounted for 55% of the group's 2013 assets, largely related to companies and residential mortgages. About 55% of gross loans related to Spain, which is driving the trend in BBVA's asset quality indicators, particularly its real estate sector exposure. At end-2013, the Fitch-adjusted NPL ratio of 7.6% was weaker than that of a number of other international peers, but had an adequate 59% coverage. Since end-3Q13, volumes of...
