Strong franchise in almost all markets of operation. Geographic diversification from foreign operations. Conservative risk management along with adequate capitalization. Track record of sound and resilient operating profitability. Exposure to markets with higher-than-average economic risk than peers. Worsening asset quality prospects across all geographies as the pandemic unfolds testing the benefits of geographic diversification. S&P Global Ratings' negative outlook on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflects the potential negative rating implications over our two-year outlook horizon of the COVID-19-induced sharp economic contraction, which could weigh on the group's financial profile more than we currently expect. This could happen if BBVA's strong revenue streams and operating profitability prove insufficient to absorb materially higher credit costs and preserve the bank's capital
