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. With its domestic merger completed, BBVA maintains a diversified and strong position in all segments of Spanish banking. Although the group lost some market share during the past two years, it has achieved a cohesive and efficient network that will be able to continue growing. Its strong domestic base has led to BBVA's investing heavily in Latin America in the past few years, and reaching a total accumulated investment in the region of $9.7 billion at June 28, 2002 (with the book value equaling 45% of the bank's
