The ratings on Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflect the bank's strong franchise in its core markets, above-average financial performance, and conservative management. Its good performance and sound credit risk management somewhat offset higher reliance on emerging markets compared with its international peers. BBVA enjoys sound operating profitability, owing to the successful creation of solid franchises in different countries with diversified and strong positions in all banking and para-banking businesses. It has a dynamic network in Spain, a clear leading position in Mexico, good performance at its other smaller Latin American subsidiaries, and a diversified contribution from other business. The bank benefits from good earnings momentum and a strict cost control culture across all business units. International expansion through
