Strong franchise in almost all markets where it operates. Conservative risk management and low risk position, particularly in lending activity. Sound and resilient operating profitability. Business concentration in Spain, where economic risk is higher than the average in other Western European countries. Higher share of revenues from emerging markets than peers. Moderate, albeit improving, capitalization. Standard&Poor's Ratings Services' outlook on Spain-based Bilbao Vizcaya Argentaria S.A. (BBVA) is stable, mirroring that on our long-term sovereign credit rating on Spain. The stable outlook also reflects our belief that BBVA's asset quality will continue to outperform its peers in most of the markets where it operates, and that the bank will be able to report improving operating results and continue strengthening
