OVERVIEW On Dec. 15, 2011, we placed on CreditWatch negative our rating on BBVA's public-sector covered bond following our corresponding action on 15 eurozone members. On Jan. 13, 2012, we took several rating actions on 16 eurozone sovereigns, thereby resolving the Dec. 5 eurozone sovereign CreditWatch placements. Following the Jan. 13 actions, we have today lowered and removed from CreditWatch negative our rating on BBVA's public-sector covered bond to reflect the changed sovereign ratings and the impact of the country-risk exposure on this program. We have also assigned a negative outlook to the rating on this public-sector covered bond to reflect the negative outlook for the rating on the sovereign. This rating is based on our criteria for rating covered
