OVERVIEW As part of our regular surveillance, we have reviewed our ratings on the U.S. dollar public-sector covered bonds issued by Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA). In our view, the available credit enhancement is commensurate with a covered bond rating that is potentially six notches higher than the rating on the issuer. We classify the cover assets as having high sensitivity to country risk and therefore the final rating is capped at one notch above the rating on Spain. We are affirming our 'BBB' ratings on BBVA's covered bonds and revising the outlook to stable from negative. MADRID (Standard&Poor's) Dec. 11, 2013--Standard&Poor's Ratings Services today affirmed its 'BBB' ratings on the U.S. dollar public-sector
