On May 23, 2014, Standard&Poor's raised its long- and short-term sovereign credit ratings on Spain to 'BBB/A-2' from 'BBB-/A-3'. The outlook is stable. The prospects for stronger economic growth and a gradual recovery in employment growth in Spain could contribute to restoring the financial strength of the corporate and household sectors, and ultimately reduce credit risk for banks. We are therefore raising our ratings on BBVA to 'BBB/A-2' from 'BBB-/A-3'. We are also raising our ratings on BBVA's U.S.-based subsidiaries, BBVA Compass Bancshares and Compass Bank, to 'BBB/A-2' from 'BBB-/A-3'. The stable outlook on the long-term rating on BBVA mirrors that on Spain. On June 4, 2014, Standard&Poor's Ratings Services raised its long- and short-term counterparty
