S&P lifts BBVA Uruguay

Standard & Poor’s said it raised the long- and short-term issuer credit ratings on Banco Bilbao Vizcaya Argentaria Uruguay SA (BBVA Uruguay) to BBB-/A-3 from BB+/B following the upgrade on its parent, Banco Bilbao Vizcaya Argentaria SA and on Spain.

Following the upgrade of BBVA Spain, the agency said it incorporated one notch of group support to the ratings on BBVA Uruguay, which was not reflected previously, S&P said.

BBVA Uruguay is considered a moderately strategic subsidiary of its parent, BBVA Spain, which owns 100% of the bank’s equity, the agency said.

The ratings reflect the bank’s strong business position, moderate capital and earnings, adequate risk position, average funding and adequate liquidity, S&P said.

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