RELEVANT EVENT
Standard & Poor's Ratings Services (S&P) has today upgraded BBVA's long-term rating ('Issuer Credit Rating - ICR') to BBB+ from BBB. The outlook remains stable.
At the same time, S&P has:
Affirmed BBVA's short-term rating at A-2.
Upgraded BBVA's subordinated debt rating to BBB- from BB+.
Upgraded BBVA's preferred stock rating to BB- from B+.
Madrid, October 6, 2015
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