On March 21, 2005, Standard&Poor's Ratings Services placed on Credit Watch with negative implications its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Spain's second-largest financial institution Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) and subsidiary Banco de Crédito Local de España S.A. At the same time, Standard&Poor's placed on CreditWatch with positive implications its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on Italian bank Banca Nazionale del Lavoro SpA (BNL). The CreditWatch placements follow BBVA's announcement of its possible public bid to acquire the 85.28% of BNL's capital that it does not already own, provided it obtains all the necessary authorizations. BBVA's board of directors will meet during the week beginning March 28, 2005,
