Strong franchise in almost all markets where the bank operates. Diversification benefits provided by foreign operations. Conservative risk management and adequate capitalization. Sound and resilient operating profitability. Business concentration in countries with higher-than-average economic risk, namely Spain, Turkey, and Latam. Underperformance of Spanish operations, which account for about half of BBVA's asset base. The stable outlook reflects S&P Global Ratings' expectation that all factors driving our ratings are unlikely to change over the next 18-24 months. We anticipate that Banco Bilbao Vizcaya Argentaria S.A. (BBVA) will continue developing its strong retail banking franchises in the majority of the countries in which it operates, with a focus on strengthening profitability while preserving what we see as a conservative strategy. We consider
