The ratings on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflect the bank's strong domestic franchise and financial profile, and the heightened risk resulting from its exposure to Latin America. BBVA has a diversified business profile, anchored in all segments of Spanish banking, with market shares between 16% and 21%. In Latin America, the group has reached 10% market share by customer deposits, with a noticeably good position in Mexico, and 28.5% in pension fund management. The integration--fully completed about one year after the merger--proceeded quickly and smoothly thanks to the experience of the management teams in previous mergers, the complementary nature of the two banks' business mix, and the healthy economic environment in Spain. The creation of a unified network
