BBVA in 2012

The counterparty risk assumed in this activity involves entities with a high credit rating (equal toor above A– in 41% of cases).37Distribution by rating of maximum exposure in BBVA, S.A. (Excluding intra-group counterparties)10.3%10.4%9.7%10.9%10.2%7.5%6.9%8.0%5.0%4.3%3.5%2.4%2.4%2.1%2.1%1.6%0.4% 0.9% 1.3%0.0% 0.0%AAA AA+ AA AA– A+ A A– BBB+ BBB BBB– BB+ BB BB– B+ B B– CCC C D SR NRBy geographical areas, the maximum exposure of BBVA, S.A. is in counterparties in Europe (82%)and the United States (9%), which together account for 91% of the total.38Geographical distribution of maximum exposure in BBVA, S.A.(Excluding intra-group counterparties)Latin America 2%The United States 9%Euro zone 31% Spain 40%Europe (without Spain) 11%Rest 7%120 Risk management