The ratings reflect Banco Bilbao Vizcaya Argentaria S.A.'s (BBVA) strong franchise in its core markets, above-average financial performance, and conservative management. The bank is less geographically diversified, however, than its international peers, relying to a greater extent on developing markets; this increases its risk profile and adds some volatility to results. BBVA maintains a diversified and strong position in all segments of its core markets--primarily Spain (69% of total assets) and Mexico (15%). Standard&Poor's Ratings Services expects the bank's market shares in key products in Spain to remain stable, thanks to a dynamic approach through a cohesive and efficient network. BBVA maintains a leading position in Mexico, with market shares of 22%-29%. The bank has also developed a
