OVERVIEW Today's rating actions follow the application of our revised criteria for assessing asset-liability mismatch risk in covered bonds. We have affirmed our rating on BBVA's public-sector covered bonds. We have also assigned a stable outlook to the ratings on these public-sector covered bonds. MADRID (Standard&Poor's) Feb. 7, 2011--Standard&Poor's Ratings Services today affirmed and removed from CreditWatch negative its 'AAA' credit rating on Banco Bilbao Vizcaya Argentaria, S.A.'s public-sector covered bonds (cédulas territoriales). At the same time, we assigned a stable outlook to these public-sector covered bonds (see list below). Today's affirmation follows the application of our updated covered bond criteria (see "Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds," published Dec.
