The ratings on Spain-based 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 and relatively lower degree of diversification compared with its international peers. BBVA enjoys excellent operating profitability across all business units, owing to its successful creation of solid franchises in various countries, with strong positions in all banking and ancillary businesses. The bank benefits from outstanding efficiency, driven by a strict cost control culture and a sales-focused organization. With a strong position in commercial banking, BBVA has a well-diversified business mix in all countries where it is present. It is the
