OVERVIEW We are assigning our 'A-' rating to Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA) mortgage covered bonds. The outlook is negative. The ratings incorporate the maximum possible uplift under our covered bond criteria, in line with BBVA's current overcollateralization levels. The negative outlook reflects the fact that any negative rating action on the bank would, all else being equal, lead us to lower the covered bond ratings by the same number of notches. MADRID (Standard&Poor's) Nov. 21, 2012--Standard&Poor's Ratings Services today assigned its 'A-' long-term credit rating to the mortgage covered bonds ("cédulas hipotecarias") issued by Banco Bilbao Vizcaya Argentaria S.A. (BBVA; BBB-/Negative/A-3). The outlook is negative (see list below). The covered bonds are senior secured
