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Banco Bilbao Vizcaya Argentaria Puerto Rico Rating Lowered To 'BBB/A-2' From 'BBB+/A-2'; Outlook Negative Jan 10
Standard & Poors, Jan 2010
Abstract
BBVA PR's results in recent quarters were significantly weaker than our expectations. We lowered our counterparty credit rating on BBVA PR to 'BBB/A-2' from 'BBB+/A-2'. We expect further deterioration in BBVA PR's credit quality and continued net losses during the next several quarters. NEW YORK (Standard & Poor's) Jan. 29, 2010--Standard & Poor's Ratings Services said today that it has lowered its counterparty credit rating on Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA PR) to 'BBB/A-2' from 'BBB+/A-2'. The outlook is negative. The downgrade reflects our lowered stand-alone credit assessment of BBVA PR, partially offset by our view of the bank's increased strategic importance to its parent, Banco Bilbao Vizcaya Argentaria S.A. (BBVA S.A.; AA/Negative/A-1+). Specifically, BBVA S.A. increased its...
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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