MADRID (Standard&Poor's) Dec. 4, 2006--Standard&Poor's Ratings Services said today that it has revised its outlook to positive from stable on Spain's second-largest bank, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and its subsidiary Banco de Crédito Local de España S.A. At the same time, Standard&Poor's affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on both banks. "The outlook revision is based on the group's improving performance, increasing diversification, and strict risk controls," said Standard&Poor's credit analyst Jesús Martínez. The ratings on 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
