Standard&Poor's stated today that the substantial charges to cover investments in Argentina announced by Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA-/Stable/A-1+) will not affect its ratings on the group. BBVA has made a €1,282 million charge to its income statement (before tax and minorities; €743 million after) and a €321 million charge against reserves to cover fully its investments in Argentina. Nevertheless, BBVA reported 6% growth in attributable income, mainly due to a higher contribution from other Latin American subsidiaries--especially Mexican Bancomer--and stable profits from its non-Latin American business. BBVA's profitability remains strong, with ROA (excluding preferred dividends) of 0.89%, and core capitalization is stable. Standard&Poor's will continue to monitor closely developments in Argentina, their impact
