Strong market positions in almost all of its markets, particularly Spain and Mexico. Conservative strategy and corporate culture. Sound credit risk management. Above-average, resilient operating profitability. Higher-than-peer reliance on emerging markets. Deterioration in asset quality. Lower diversification than for some other similarly rated peers. The ratings on Spain-based Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reflect Standard&Poor's Ratings Services' view of the bank's strong franchise in its key markets, resilient financial performance, and conservative strategy. In our opinion, BBVA's comparatively good performance and sound credit risk management are counterbalanced by its lower diversification than for other 'AA' rated peers and comparatively higher reliance on emerging markets. BBVA has maintained resilient operating earnings, outperforming peers through the downturn. BBVA has
