BBVA in 2012

26 RatingsIn 2012, BBVA’s ratings have been penalized significantly, due mainly to the multiple downgradesof Spanish sovereign debt. Although the rating agencies recognize the Group’s strengths and itsgeographical diversification, in the opinion of some of them BBVA’s rating cannot be higher than Spain’s.The various downgrades by the agencies, all of them linked to similar downgrades of the sovereignrating, have been as follows:• Fitch: two notches, from A to BBB+. However, with this agency the Bank remains one notch abovethe sovereign rating (BBB).• DBRS: two notches, from AA (low) to A. BBVA has its best rating with this agency, also one notchabove the sovereign rating (A low).• Moody’s: six notches, from Aaa3 to Baa3. This is the agency that has penalized the Group most in2012, down to a level equal to the sovereign rating.• Standard&Poor’s: five notches, from A+ to BBB–, also at the same level as Spain’s sovereign rating.RatingsLong term Short term Financial strength OutlookMoody’s Baa3 P-3 D+ NegativeFitch BBB+ F-2 bbb+ NegativeStandard&Poor’s BBB– A-3 - NegativeDBRS A R-1 (low) - NegativeCapital base87