...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on Banco Bilbao Vizcaya Argentaria's Spanish mortgage covered bond program and related issuances. + In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. + We have therefore affirmed our 'A+' ratings on the program and related issuances. + The positive outlook on the ratings reflects that on the sovereign. MADRID (S&P Global Ratings) Aug. 25, 2017--S&P Global Ratings today affirmed its 'A+' credit ratings on Banco Bilbao Vizcaya Argentaria S.A.'s (###+/Positive/A-2) Spanish mortgage covered bond program and related issuances. The outlook on our ratings is positive. We have conducted a credit and cash flow analysis based on our European residential loans criteria, our criteria for analyzing European commercial real estate collateral in covered bonds, and our covered bonds criteria (see "Related Criteria"). In our analysis, we have made assumptions on certain...
