We expect Spanish Banco Bilbao Vizcaya Argentaria S.A. (BBVA) to continue to build up capital over this year and next, in order to be able to achieve its revised fully loaded common equity Tier 1 (CET1) target of 11% by the end of 2017. Relative to the risks that BBVA undertakes, capital remains a ratings strength for the bank. We are affirming our 'BBB+' long-term and 'A-2' short-term ratings on BBVA. The stable outlook reflects our expectation that all factors driving our ratings are unlikely to change over the next 18-24 months. On July 20, 2016, S&P Global Ratings affirmed its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on Spanish bank Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and its
