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Banco Bilbao Vizcaya Argentaria Puerto Rico Downgraded To 'BBB+/A-2'; Outlook Negative Jan 09
Standard & Poors, Jan 2009
Abstract
NEW YORK (Standard & Poor's) Jan. 29, 2009--Standard & Poor's Ratings Services said today that it lowered its counterparty credit rating on Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) to 'BBB+/A-2' from 'A/A-1'. The outlook is negative. Our rating on BBVA PR is two notches above our 'BBB-' stand-alone credit assessment, which reflects the bank's strategic importance to its highly rated parent, Banco Bilbao Vizcaya Argentaria S.A. (AA/Stable/A-1+). 'The rating action reflects primarily the continued deterioration in credit quality--which has been caused by the challenging economic environment in Puerto Rico--as well as a continued high reliance on wholesale borrowings,' said Standard & Poor's credit analyst Robert Hansen, CFA. In addition, we are assigning two notches of parental support, down...
Companies mentioned in this report are: Banco Bilbao Vizcaya Argentaria Puerto Rico,Banco Bilbao Vizcaya Argentaria S.A.
Action: Downgraded
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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