Strong positions in almost all its markets, particularly Spain and Mexico. Conservative strategy and corporate culture. Sound credit risk management. Above-average operating profitability. High economic risk in Spain compared with the rest of the eurozone. Higher reliance on emerging markets than its peers Lower diversification than some of its similarly rated peers. The ratings on Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA; AA-/Negative/A-1+) reflect Standard&Poor's Ratings Services' view of its strong franchise in key markets, sound credit risk management, conservative strategy and corporate culture, and, despite recent pressures, its solid loan loss absorption capacity through its recurrent earnings. These strengths are offset by high economic risk in Spain (Kingdom of) (AA-/Negative/A-1+) compared with the rest of the eurozone,
