On Feb. 13, 2008, Standard&Poor's Ratings Services raised its long-term counterparty credit ratings to 'AA' from 'AA-' on Spain's second-largest bank, Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), and its subsidiary Banco de Crédito Local de España S.A. The 'A-1+' short-term counterparty credit ratings on both banks were affirmed. The outlooks are stable. The upgrade is based on BBVA's more robust performance than that of its European peers, strong local franchises, increased diversification, resilient asset quality, prudent management, and reduced exposure to equity holdings. BBVA enjoys excellent operating profitability, owing to its successful creation of solid franchises in various countries, with strong positions in all banking and parabanking businesses. The bank benefits from outstanding efficiency, driven by a strict
