BBVA's Mortgage Covered Bond Program Ratings Raised Following Similar Action On Spain; Outlook Negative

On Sept. 20, 2019, we raised our unsolicited long- and short-term sovereign credit rating on Spain to 'A/A-1' from 'A-/A-2'. Following this upgrade and the application of our criteria, we have raised to 'AA+' from 'AA' our ratings on BBVA's mortgage covered bonds. Our outlook on the ratings is negative, reflecting the negative outlook on the ICR on BBVA. MADRID (S&P Global Ratings) Oct. 4, 2019--S&P Global Ratings today raised its credit ratings on Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA) mortgage covered bond program and related issuances ("cédulas hipotecarias"). Today's upgrades follow our Sept. 20, 2019, upgrade of Spain (see "Spain Ratings Raised To 'A/A-1' From 'A-/A-2' On Economic Resilience; Outlook Stable," published Sept. 20, 2019). Our ratings reflect the

...- On Sept. 20, 2019, we raised our unsolicited long- and short-term sovereign credit rating on Spain to 'A/A-1' from 'A-/A-2'. - Following this upgrade and the application of our criteria, we have raised to '##+' from '##' our ratings on BBVA's mortgage covered bonds. - Our outlook on the ratings is negative, reflecting the negative outlook on the ICR on BBVA. MADRID (S&P Global Ratings) Oct. 4, 2019--S&P Global Ratings today raised its credit ratings on Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA) mortgage covered bond program and related issuances ("cTdulas hipotecarias"). Today's upgrades follow our Sept. 20, 2019, upgrade of Spain (see "Spain Ratings Raised To 'A/A-1' From 'A-/A-2' On Economic Resilience; Outlook Stable," published Sept. 20, 2019). Our ratings reflect the application of our covered bonds criteria, our structured finance ratings above the sovereign (RAS) criteria (see "Incorporating Sovereign Risk In Rating Structured Finance Securities: Methodology And Assumptions,"...

Ratings Action