Strong market positions in almost all markets where the bank operates, particularly in Spain and Mexico Consistent and prudent strategy Sound credit risk management Above-average operating profitability Exposure to high economic risk through its Latin American subsidiaries An equity portfolio that, although being reduced, increases the bank's equity and concentration risks The ratings on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflect the bank's strong franchise in its core markets, above-average financial performance, and conservative management. Its good performance and sound credit risk management somewhat offset higher reliance on emerging markets compared with its international peers. BBVA enjoys sound operating profitability, owing to the successful creation of solid franchises in different countries with diversified and strong positions in all banking and
