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MADRID - Fitch Ratings has upgraded Banco Bilbao Vizcaya Argentaria’s (BBVA) long-term senior preferred debt rating by one notch to A from A-, with the outlook changing to stable from Rating Watch Positive, according to a statement released by the bank on Tuesday.
The rating agency also upgraded several other BBVA ratings, including the long-term issuer default rating to A- from BBB+ and the short-term issuer default rating to F1 from F2, both with stable outlooks.
Additional upgrades include the Derivative Counterparty Rating to A(dcr) from A-(dcr), long-term deposits rating to A from A-, and short-term deposits rating to F1 from F2.
BBVA’s long-term senior non-preferred debt rating was raised to A- from BBB+, while the long-term subordinated lower Tier 2 debt rating moved up to BBB from BBB-.
The rating action also included upgrades to the bank’s long-term subordinated upper Tier 2 debt rating to BBB- from BB+ and its long-term AT1 debt rating to BB+ from BB.
All ratings now carry a stable outlook, replacing the previous Rating Watch Positive designation.
The Spanish banking group disclosed these rating changes in a regulatory filing to comply with securities market legislation.
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