DBRS upgrades BBVA's rating to A (high)
Days after the announcement that S&P had upgraded BBVA's rating, DBRS has upgraded BBVA’s long-term rating to A (high) from A, one notch above the rating for Spain. In its report, the agency stressed BBVA's diversified international business model, which should continue to support a path of solid results.
Rating agency DBRS upgraded BBVA’s long term rating one notch from A to A (high) with stable trend. The upgrade also improves in one notch the rating of BBVA's debt instruments and deposits. The long term rating remains positioned one notch above the Spanish sovereign rating, reflecting the benefits of BBVA's international diversification. At present, four of the five main rating agencies have assigned BBVA a category A rating.
This action comes after DBRS upgraded the Spanish sovereign rating from A (low) to A on April 6th, which resulted in rating upgrades for others Spanish banks, BBVA included. The agency believes that due to its strong position in Spain, BBVA will continue to benefit from the pick-up in the Spanish economy and the opportunities that the improved position the sovereign should bring.
In its press release, DBRS refers to BBVA’s solid fundamentals. Specifically:
- The rating upgrade reflects material improvement in asset quality and performance in Spain.
- It is anticipated that BBVA’s resilient international franchise strength will continue to support capital generation.
- The agency also underscores BBVA's robust funding and capital position.