The ratings on Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reflect the balance between the bank's strong domestic franchise and financial profile, and the heightened risk resulting from its exposure to Latin America. With its domestic merger completed, BBVA maintains a diversified and strong position in all segments of Spanish banking. Although the group has lost some market share during the past two years, it has achieved a cohesive and efficient network that will be able to continue growing. BBVA's strong domestic base has led it to invest heavily in Latin America in the past few years. Total accumulated investment in the region, excluding Brazil, reached $8.7 billion at year-end 2002, with the book value representing 36% of the bank's adjusted
