Outlook: Stable
Action date: 12/22/2021
Rating action: Affirmed


Axesor Rating maintains its rating on BBVA, S.A., changing the rating from On Watch to Stable. Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter BBVA) is the third largest Spanish banking group by total assets and has a large market share in Spain, Mexico, Turkey, Colombia, Peru and Argentina. BBVA offers a wide range of banking services and products with a prominent use of digital solutions. Our credit rating is based on its leadership position in the geographies where it is present with high diversification, the group's notable profitability and efficiency, outperforming its European peers, and a solid liquidity and capitalisation position. We also highlight the bank's strong commitment to digitalisation, as it is one of the pioneering banks in Europe in this area, giving the group a competitive advantage due to the good performance of its digital banking. However, our rating is constrained by the increasing weight in the group of subsidiaries in emerging markets that show greater volatility and instability and the complex macroeconomic environment for banking activity as a result of low interest rates and the impact of the covid-19 crisis.


Date last rating: 12/22/2021
Date first rating: 12/17/2018