MADRID (Standard&Poor's) June 13, 2006--Standard&Poor's Ratings Services said today that its ratings and outlook on Banco Bilbao Vizcaya Argentaria, S.A. (BBVA, AA-/Stable/A-1+) remain unchanged following the Spanish bank's announcement of its acquisition of U.S. banks Texas Regional Bancshares and State National Bancshares. These two acquisitions fit well with BBVA's stated strategy of expanding its presence around the U.S.-Mexico border. We expect BBVA to be cautious in its U.S. expansion, in order to overcome the difficulties of extending its franchise in the highly competitive, sophisticated U.S. market and to minimize the potential problems of rapid growth in the region. BBVA will finance the acquisitions with the expected gains from the sale of its stakes in Banca Nazionale
