S&P: BBVA Banco Continental view to positive

S&P said it revised the outlook on BBVA Banco Continental to positive from stable and affirmed its BBB/A-2 ratings.

S&P said the outlook revision on BBVA Banco Continental mirrors the same action taken on its parent, Banco Bilbao Vizcaya Argentaria SA (BBVA; BBB+/Positive/A-2) on April 3.

The agency considers BBVA Banco Continental to be a strategically important subsidiary of BBVA, and as such, it could be rated three notches higher than its SACP, but it is subject to a cap of one notch below the GCP of its ultimate parent. BBVA Banco Continental's SACP is bbb.

Therefore, if it were to raise the long-term issuer credit rating on BBVA to A-, S&P said it would raise the long-term rating on its Peruvian subsidiary to BBB+.

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