MADRID (Standard&Poor's) April 4, 2002--Standard&Poor's said today that it has revised its outlook to negative from stable on Banco Bilbao Vizcaya Argentaria S.A. (BBVA), based on the potential impact on the Spanish bank's risk profile of the continuing fragile situation regarding Argentina's financial system. At the same time, Standard&Poor's affirmed its double-'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings on BBVA. "Although the bank made substantial provisions in 2001--enough to cover in full the book value of its subsidiary in Argentina, Banco Frances--a prolonged crisis in Argentina could increase the risk BBVA faces there, as demonstrated by the recently announced US$150 million facility to be provided by the bank to its Argentine subsidiary," said
