Strong market positions in Spain and Mexico, Consistent and prudent strategy, Sound credit risk management, and Healthy operating profitability. Exposure to high economic risk through its Latin American subsidiaries, and Relative large equity participations portfolio. The ratings on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflect the bank's strong franchise in its core markets, healthy financial performance, and conservative management. BBVA's relatively large exposure to Latin America increases its risk profile and adds some volatility to results. BBVA maintains a diversified and strong position in all segments of its core markets--primarily Spain (69% of total assets) and Mexico (15%). In 2004, a more dynamic approach through BBVA's cohesive and efficient network stopped the deterioration of the previous two years in the
