Research Update: Spanish Savings Bank Bilbao Bizkaia Kutxa Ratings Lowered To 'BBB+' On Bank Criteria Change; Still On Watch Negative Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Bilbao Bizkaia Kutxa (BBK) under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered the long-term ratings on the bank to 'BBB+' from 'A-'. All long-term ratings on BBK remain on CreditWatch negative, where they were placed on Oct. 11, 2011. On Dec. 5, 2011, we placed the 'AA-' long-term sovereign credit rating on the Kingdom of Spain on CreditWatch with negative implications. As a result, we also placed the short-term ratings on BBK on CreditWatch negative on Dec. 8, 2011. The ratings reflect BBK's adequate business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity. We consider BBK to have moderate systemic importance in Spain, which...

Companies mentioned in this report are: Bilbao Bizkaia Kutxa (BBK)
Action: Downgraded
Action: On CreditWatch: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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Bilbao Bizkaia Kutxa (BBK)

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