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. Although BBVA has achieved a diversified business profile, its anchor continues to be its strong and diversified position in all segments of Spanish banking, with market shares of between 16% and 21%. In Latin America, the group has reached a 10% market share by customer deposits, with a noticeably strong position in Mexico, and 28.5% in pension fund management. The integration of the two banks that form BBVA, Banco Bilbao Vizcaya, S.A. (BBV) and Argentaria, Caja Postal y Banco Hipotecario, S.A. (Argentaria), has been an example of merger