OVERVIEW We have reviewed our rating on Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA's) U.S. dollar public-sector covered bond under our public-sector covered bonds criteria and our revised covered bonds criteria, both published on Dec. 9, 2014. Following our review, we are affirming our 'A-' rating on BBVA's U.S. dollar public-sector covered bond. The stable outlook on our rating on the covered bond reflects our stable outlook on the long-term rating on Spain. MADRID (Standard&Poor's) May 20, 2015--Standard&Poor's Ratings Services said today that it has affirmed its 'A-' rating on the U.S. dollar public-sector covered bonds (cédulas territoriales) of Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA; BBB/Stable/A-2). The outlook is stable. Upon publishing our revised covered bonds
