Company: BBVXF
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0000842180-25-000020
Chunk: 16

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-04-29
Form: 6-K
Chunk 16
---
              |
| Moody's                                                                                                                                                                      |     | A3           |     | P-2          |     | Rating watch positive |
| Standard & Poor's                                                                                                                                                            |     | A            |     | A-1          |     | Stable                |
| (1)Ratings assigned to long term senior preferred debt. Additionally, Moody’s, Fitch and DBRS assign A2, A- and A (high) rating, respectively, to BBVA’s long term deposits. |     |              |     |              |     |                       |

12 The subordination requirement in RWA is 13.50%.

13 The subordination requirement in Leverage ratio is 5.78%.

14 Considering the last official updates of the countercyclical capital buffer and systemic risk buffer, calculated on the basis of exposure as of December 31, 2024.

Translation of this report originally issued in Spanish. In the event of a discrepancy, the Spanish-language version prevails.

| 19 |

### Risk management

#### Credit risk
In a volatile global context, whose evolution will continue to be highly conditioned by the uncertainty represented by the United States administration's policies implemented in recent months, economic activity in the countries where BBVA operates continued to reflect a generally good dynamic in terms of economic growth, as well as in the indicators of the financial system. In Spain, the growth forecast for 2025 has been revised upwards (2.8%), and inflation could remain at moderate levels, with a comfortable level of solvency and liquidity in the system. In Mexico, a GDP forecast of around 1% is maintained for 2025, in a context of contained inflation, with expectations of additional interest rate cuts and with credit in the banking system currently growing at double digits (+14.0% year-on-year). Turkey, on the other hand, has shown significant growth in recent months, with inflation moderating and banking system risk indicators at contained levels, although pending political and social tensions that have generated volatility in the financial markets and some pressure on the local currency. Finally, in South America, the positive dynamics in terms of economic activity will continue, in a context of lower inflation and gradual interest rate cuts.

For the estimation of expected losses, the models include individual and collective estimates, taking into account the macroeconomic forecasts in accordance with IFRS 9. Thus, the estimate at the end of the quarter includes the effect on expected losses of updating macroeconomic forecasts, which take into account the global environment, although they may not