The material currency depreciation and consequent market turmoil in Turkey led us to take negative action on the local banking system, including downgrading Turkiye Garanti Bankasi A.S., a subsidiary of Spanish bank BBVA. We consider that the pace and magnitude of the negative developments in Turkey might also represent a meaningful risk for BBVA's financial profile. We are therefore revising our outlook to negative from stable and affirming our 'A-/A-2' issuer credit ratings on BBVA. The negative outlook reflects the possibility of a downgrade over our two-year outlook horizon if BBVA's Turkish activities hamper its financial profile. On Aug. 20, 2018, S&P Global Ratings revised its outlook on Spanish bank Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and its core subsidiary
