Strong positions in almost all markets of operation, particularly Spain and Mexico. Conservative risk management and low risk position, particularly in lending activity. Above-average operating profitability. Business concentration in Spain, where economic risk is higher than the average in peer countries. Higher share of revenues from emerging markets than peers. Moderate level of capital. Standard&Poor's Ratings Services' outlook on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) is negative, reflecting the possibility that we could lower the ratings if, all other factors being equal, we were to lower our ratings on the Kingdom of Spain (BBB-/Negative/A-3). Given the current two-notch gap between the ratings on BBVA and the bank's stand-alone credit profile, we consider it unlikely that a revision of
