Strong 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 Latin American subsidiaries Integration risk from recent acquisitions An equity portfolio that, although now smaller, increases 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. They also take into account the bank's higher reliance on emerging markets compared with international peers, and integration risk from recent acquisitions. BBVA enjoys sound operating profitability, owing to the successful creation of solid franchises in different countries, where it has diversified and strong
