Business Context and Reporting Period
This Form 6-K filing by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) covers the reporting period of October 3, 2025. The document serves as a notification of "Other Relevant Information" regarding a significant credit rating upgrade by Moody's Ratings.
Key Financial Metrics
The filing does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt levels, or liquidity ratios. The content is exclusively focused on credit rating actions.
Material Changes
The primary material change reported is a comprehensive credit rating upgrade by Moody's Ratings on October 3, 2025:
- Long-term Senior Unsecured Debt: Upgraded from A3 to A2.
- Long-term Issuer Rating: Upgraded from A3 to A2; Outlook changed from "Rating Under Review (RUR) for Possible Upgrade" to Stable.
- Junior Senior Unsecured Debt: Upgraded from Baa2 to Baa1.
- Subordinated Debt: Upgraded from Baa2 to Baa1.
- Preferred Stock (Non-cumulative): Upgraded from Ba2 to Ba1.
- Commercial Paper: Upgraded from P-2 to P-1.
- Long-term Counterparty Risk Rating (CRR): Upgraded from A2 to A1.
- Short-term CRR: Confirmed at P-1.
- Long-term Deposit Rating: Confirmed at A2; Outlook changed from "RUR Uncertain" to "RUR for Possible Upgrade".
- Short-term Deposit Rating: Confirmed at P-1.
- Long-term Counterparty Risk Assessment (CRA): Upgraded from A3(cr) to A2(cr).
- Short-term CRA: Upgraded from P-2(cr) to P-1(cr).
Guidance, Outlook, and Risks
Outlook: The long-term issuer rating outlook has been revised to Stable, removing the previous "Rating Under Review" status. The long-term deposit rating outlook remains under review but has shifted from "Uncertain" to "Possible Upgrade".
Management Commentary: The filing contains no additional management commentary, strategic guidance, or discussion of specific risks beyond the credit rating actions.
Unusual Items: No unusual items or contingencies are disclosed in this filing.
Investor Verification Checklist
- Verify the impact of the A2 rating upgrade on BBVA's cost of funding and borrowing capacity.
- Confirm the specific criteria Moody's used to move the outlook from "Under Review" to "Stable".
- Review subsequent filings for any changes to the "Possible Upgrade" outlook on long-term deposit ratings.
- Check if the Commercial Paper rating upgrade to P-1 affects short-term liquidity management strategies.