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 A lower degree of diversification than for other large European peers Higher than peers' reliance on emerging markets Challenge to develop a U.S. franchise in a weak market The ratings on Spain-based 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 and relatively lower degree of diversification compared with its international peers. BBVA enjoys excellent operating profitability across all business units, owing to its successful creation
