Strong franchise in almost all markets where it operates. Conservative risk management and low risk position, particularly in lending activity. Sound and resilient operating profitability. Business concentration in Spain, where economic risk is higher than the average in other European countries. Higher share of revenues from emerging markets than peers. Moderate, albeit improving, capitalization. Standard&Poor's Ratings Services' outlook on its long-term ratings on Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA) is stable. The stable outlook on BBVA mirrors than on the long-term sovereign credit ratings on Spain. It also reflects our belief that BBVA's asset quality will continue to outperform its peers in most of the markets where it operates, and that the bank will be able to
