Strong market positions in almost all markets where the bank operates--particularly in Spain and Mexico, Consistent and prudent strategy, Sound credit risk management, and Healthy operating profitability. Exposure to high economic risk through Latin American subsidiaries, and A significant equity portfolio, which increases the bank's equity risk and concentration risk. The ratings reflect Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA) strong franchise in its core markets, above-average financial performance, and conservative management. The bank is less geographically diversified, however, than its international peers, relying to a greater extent on developing markets; this 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)
