Business Context and Reporting Period
This Form 6-K filing by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) covers the reporting period of October 7, 2025. The document serves as a notification of "Other Relevant Information" regarding a significant credit rating upgrade by Fitch Ratings.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt levels, or liquidity ratios. The document focuses exclusively on credit rating adjustments rather than operational financial performance metrics.
Material Changes
The primary material change reported is a comprehensive credit rating upgrade by Fitch Ratings, moving BBVA's outlook from "Rating Watch Positive" to "Stable" across multiple categories. Specific upgrades include:
- Long-term senior preferred debt: Upgraded to A from A-.
- Long-term issuer default rating: Upgraded to A- from BBB+.
- Short-term issuer default rating: Upgraded to F1 from F2.
- Derivative Counterparty Rating: Upgraded to A(dcr) from A-(dcr).
- Long-term deposits rating: Upgraded to A from A-.
- Short-term deposits rating: Upgraded to F1 from F2.
- Short-term senior preferred debt rating: Upgraded to F1 from F2.
- Long-term senior non-preferred debt rating: Upgraded to A- from BBB+.
- Long-term subordinated lower Tier 2 debt rating: Upgraded to BBB from BBB-.
- Long-term subordinated upper Tier 2 debt rating: Upgraded to BBB- from BB+.
- Long-term AT1 debt rating: Upgraded to BB+ from BB.
Guidance, Outlook, and Risks
Outlook: Fitch Ratings has changed the outlook for all affected ratings to Stable, removing the previous "Rating Watch Positive" status. This indicates a positive assessment of the bank's creditworthiness and stability.
Management Commentary: The filing contains no additional management commentary, forward-looking guidance, or discussion of specific risks and contingencies beyond the rating agency's actions.
Investor Verification Checklist
- Verify the full rationale provided by Fitch Ratings for the upgrade in their official press release.
- Confirm the impact of the rating upgrade on BBVA's cost of funding and borrowing capacity.
- Review the bank's most recent quarterly or annual report (Form 20-F) for the underlying financial performance that likely triggered this rating improvement.
- Check for any concurrent announcements regarding capital raising or strategic initiatives that may have influenced the rating decision.