January - September 2012


BBVA has been penalized over the last 12 months by the successive downgrades of Spanish sovereign rating. Although the rating agencies recognize the Group’s strengths and its geographical diversification, in the opinion of some of them BBVA’s rating cannot be above that of the sovereign. Once again, this has been the only reason for the recent downgrade from BBB+ to BBB– by Standard & Poor’s. DBRS has downgraded BBVA’s rating from A (high) to A, placing BBVA’s rating in this case one notch above the sovereign. At the end of October, Moody’s confirmed BBVA’s Baa3 rating.


Long term Short term Financial Strength Outlook
Moody´s Baa3 P-3 D+ Negative
Fitch BBB+ F-2 bbb+ Negative
Standard & Poor´s BBB+ A-3 - Negative
DBRS A R-1 - Negative