The ratings on Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), one of the two largest banks in Spain, 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 profitable position in all segments of Spanish banking. Although the group has lost some market share during the past two years, it has achieved a cohesive and efficient network that is expected to continue to grow. This strong domestic base has led BBVA to invest heavily in Latin America in the past few years--a total of $9.7 billion (with the book value representing 45% of the bank's adjusted core equity,
