The ratings on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflect the balance between the bank's strong domestic franchise and financial profile, and the heightened risk resulting from its exposure to Latin America. Formed from the merger of Argentaria, Caja Postal y Banco Hipotecario S.A. (Argentaria) and Banco Bilbao Vizcaya S.A. (BBV) on Jan. 28, 2000, BBVA has achieved a strong and diversified position in all segments of Spanish banking, reaching a market share close to 20%. Although the two banks had different corporate cultures, their integration, completed in early 2001, has proceeded quickly and smoothly, thanks to the experience of their management teams in previous mergers and acquisitions, the complementary nature of their business mix, and the healthy economic environment
