MADRID (Standard&Poor's) July 24, 2002--Standard&Poor's Ratings Services said today that it had affirmed its double–'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings on Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). The outlook remains negative. The ratings on BBVA reflect the balance between the bank's strong domestic franchise and financial profile, and the heightened risk resulting from its exposure to Latin America. With its domestic merger completely finished, BBVA maintains a diversified position in Spain. Its strong domestic base has led to BBVA's investing heavily in Latin America, mainly in Mexico, in the past few years, and reaching a total accumulated investment in the region of US$9.7 billion. "Increasing risk in Latin America could further affect BBVA's risk
