DBRS lowers BBVA to stable

DBRS said it confirmed Banco Bilbao Vizcaya Argentaria, SA’s (BBVA) issuer and senior debt rating at A, subordinated debt rating at A (low), short-term instruments rating at R-1 (low) and long-term critical obligations rating at A (high).

The trend was changed to stable from positive.

The agency also said it confirmed the bank’s short-term critical obligations rating at R-1 (middle) with stable trend.

BBVA’s intrinsic assessment was maintained at A and the support assessment remained SA3.

The outlook revision reflects the recent change in the trend of the sovereign rating of the Kingdom of Spain, DBRS said.

As a result, DBRS said it considers that the group’s capacity to grow earnings domestically will depend on the growth of Spain’s economy and continued developments in the sovereign position of Spain.

The agency said it continues to see the group’s international diversification of BBVA’s franchise as a key factor for the ratings.

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