Fitch lifts BBVA preferreds

Fitch Ratings said it affirmed Banco Bilbao Vizcaya Argentaria SA's (BBVA) long-term issuer default rating at A- with a negative outlook, short-term issuer default rating at F2, and viability rating at a-.

At the same time, Fitch upgraded BBVA's senior unsecured long- and short-term preferred debt to A from A- and F1 from F2, respectively, and its derivative counterparty rating to A(dcr) from A-(dcr).

The agency said the upgrades reflect a view that BBVA's qualifying junior debt buffer and senior non-preferred debt at the bank's resolution perimeter are sufficient to materially reduce the risk of default for senior preferred creditors in case of failure.

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