Strong franchise in almost all markets where BBVA is present. Diversification benefits provided by foreign operations. Conservative risk management and adequate capitalization. Sound and resilient operating profitability. Exposure to markets with higher-than-average economic risk compared to peers. Only a gradual recovery of the Spanish operations, which account for almost half of BBVA's asset base, from underperforming levels. Lower profit contribution and asset quality deterioration in Turkey. Our negative outlook on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflects the possibility of a downgrade over our two-year outlook horizon if a material worsening of the economic and operating environment in Turkey hampers BBVA's financial strength. Specifically, this could happen if the bank is unable to strengthen its capital and the risk-adjusted capital
