Rating agency Moody’s has upgraded BBVA’s long-term deposit rating to A1 from A2, with a stable outlook, supported by the strength of both the group’s financial profile and its business model.

Moody’s announced on 15 December the upgrade of BBVA’s long-term deposit rating to A1 from A2, following the conclusion of the review for a possible upgrade that was initiated last October. The agency expects the loss-absorption buffer protecting these liabilities to be sustainably maintained over the medium term, supported by the bank’s debt issuance plans and taking into account the expected evolution of the balance sheet.

In addition, Moody’s has affirmed BBVA’s Baseline Credit Assessment (BCA) at baa1, highlighting “the strength of its business model, underpinned by broad geographic diversification across markets with distinct credit and interest rate cycles, and its business mix, highly oriented towards retail and commercial banking.” The agency also underscores the improvement recorded in 2025 compared with the previous year in asset quality, with declines in both the non-performing loan ratio and the cost of risk.

The stable outlook reflects Moody’s expectation that the group’s financial fundamentals will remain in line with the current rating level over the next 12 to 18 months.