On June 5, 2003, Standard&Poor's Ratings Services revised its outlooks to stable from negative on Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), one of the two largest banks in Spain, and its fully owned subsidiary Banco de Credito Local de España, S.A., reflecting diminishing risk from the group's Latin American investments. At the same time, the 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on both banks were affirmed. The ratings on BBVA reflect the bank's strong domestic franchise and financial performance, reduced risk from Latin America, and conservative risk profile. BBVA maintains a diversified and strong position in all segments of Spanish banking. Although the group has lost some market share during the past two years, it has
