Not including sovereign risks and financial institutions, there are 138 holding groups banking with the BBVA Group (126 in 2009), with risk drawn (loans, contingent liabilities, credit derivatives and fixed-income issues) exceeding €200 million, of which 78% hold investment grade rating. Credit risk (contingent liabilities) accounted for 20% of the BBVA Group’s total risk (19% in 2008). This risk can be broken down by business area as follows: 36% in Spain and Portugal, 52% in WB&AM and 11% in the Americas (7% in Mexico). The risk was spread between the main sectors of activity, with the most important being: institutions 24.6%, utilities 15.9%, construction and infrastructure 15.8%, energy 8.8% and telecommunications 7.3%, as shown in Chart 27.

27: Concentration. Distribution by sector in BBVA Group

(Risks above €200 million. 31-12-2010)