S&P rates BBVA Banco notes BBB

Standard & Poor's said it assigned a BBB rating to BBVA Banco Continental's (BBB/stable/A-2) proposed senior notes for up to $400 million, which could be amended up to $500 million.

The new issue would be denominated in dollars and have a 10-year bullet maturity.

Proceeds will be used for general banking purposes.

Holding Continental SA, a 50/50 joint venture between Banco Bilbao Vizcaya Argentaria SA (BBB+/negative/A-2) and Grupo Brescia (unrated), controls 92.24% of BBVA Banco Continental.

BBVA Banco Continental is a moderately strategically important subsidiary to BBVA, the agency noted.

The ratings on BBVA Banco Continental reflect the bank's strong business position, adequate capital and earnings, adequate risk position, average funding and adequate liquidity, S&P said.

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