The outlook on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) was revised on April 4, 2002. The outlook change on the Spanish bank was based on the continuing fragile situation regarding Argentina's financial system, which could further affect BBVA's risk profile. Although the bank made substantial provisions in 2001--enough to cover in full the book value of its subsidiary in Argentina, Banco Frances--a prolonged crisis in Argentina could increase the risk BBVA faces there, as demonstrated by the recently announced US$150 million facility to be provided by the bank to its Argentine subsidiary. The impact of the Argentine crisis on local banks continues to grow. This situation amplifies the risk that BBVA is facing while it maintains a presence in the
