BANCO BILBAO VIZCAYA ARGENTARIA SA

EthiFinance Ratings ("the Agency") affirms the unsolicited rating of Banco Bilbao Vizcaya Argentaria, S.A. of "A", maintaining the stable outlook. Banco Bilbao Vizcaya Argentaria, S.A. is the second largest bank in Spain in terms of total assets. In addition to maintaining a leading position in the Spanish market, it is the largest financial institution in México and has leading franchises in Turkey and South America. BBVA's business model encompasses retail banking, wholesale banking, insurance and asset management. BBVA's credit rating is based on its geographic and business diversification, as well as its leading position in the geographies in which it operates. In addition, we highlight its high profitability and efficiency, which place it above its main peers, as well as its adequate capitalisation, asset quality and liquidity profile. However, the credit rating is limited by BBVA's exposure to emerging economies, as well as by the expected deterioration in the credit quality of debtors in light of the new economic outlook, which could affect the Bank's financial profile.