...+ The material currency depreciation and consequent market turmoil in Turkey led us to take negative action on the local banking system, including downgrading Turkiye Garanti Bankasi A.S., a subsidiary of Spanish bank BBVA. + We consider that the pace and magnitude of the negative developments in Turkey might also represent a meaningful risk for BBVA's financial profile. + We are therefore revising our outlook to negative from stable and affirming our 'A-/A-2' issuer credit ratings on BBVA. + The negative outlook reflects the possibility of a downgrade over our two-year outlook horizon if BBVA's Turkish activities hamper its financial profile. MADRID (S&P Global Ratings) Aug. 20, 2018--S&P Global Ratings today revised its outlook on Spanish bank Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and its core subsidiary BBVA Global Markets B.V. to negative from stable. At the same time, we affirmed the 'A-' long-term and 'A-2' short-term issuer credit ratings on both institutions and the 'A/A-1'...
