Ratings

In November 2011, the rating agency Standard & Poor’s published a new methodology for assigning financial institutions ratings. As a result, BBVA’s rating was set at A+ (negative outlook), one notch below its previous rating of AA–. At the start of December, the agency placed the rating of Spanish sovereign on creditwatch negative, and subsequently did the same for the ratings of 12 European financial institutions (among them BBVA). At the start of 2012 the agency completed its review of the sovereign rating, which has been downgraded by two notches (to A). So far it has not made any announcement on BBVA’s rating, which continues on creditwatch negative. Fitch’s actions have been very similar. Mid-way through December the agency placed the rating of Spanish sovereign debt on creditwatch negative, and in January 2012 it downgraded it by two notches (to A), but it has still not completed the review of BBVA’s rating.

Ratings