On Feb. 2, 2004, Standard&Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Spanish bank Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). The outlook is stable. The affirmation follows the Feb. 2, 2004, announcement of BBVA's tender offer for the remaining interest in its Mexican subsidiary Grupo Financiero BBVA Bancomer, S.A. de C.V. (Bancomer). BBVA already owns 59.4% of Bancomer. This acquisition will allow BBVA to benefit fully from the expected profit growth of its Mexican subsidiary in the coming years. After restructuring, operating profits from Bancomer will be driven by an improving business mix, a more efficient fee structure, and tight cost controls. After the acquisition, the book value of BBVA's Latin American
