OVERVIEW Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA) has increased the overcollateralization of its mortgage covered bonds program thanks to the redemption of outstanding covered bonds. As a result, we view the program's current overcollateralization level as consistent with a higher rating. We are therefore raising our ratings on BBVA's mortgage covered bonds to 'AA-' from 'A'. The stable outlook reflects that on the issuer. MADRID (Standard&Poor's) June 30, 2014--Standard&Poor's Ratings Services said today that it had raised its long-term credit rating on the mortgage covered bonds ("cédulas hipotecarias") issued by Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA, BBB/Stable/A-2) to 'AA-' from 'A'. The outlook is stable. We removed the ratings from CreditWatch, where we had
