Company: BBVXF
Filing Date: 2025-01-08
Form Type: 424B5
Source: 0001193125-25-003393
Chunk: 83

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-01-08
Form: 424B5
Chunk 83
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 views of
the level of implicit sovereign support for European banks. In general terms, any ratings downgrade will adversely affect the trading prices of the Preferred Securities or the trading markets for such Preferred Securities to the extent trading
markets for the Preferred Securities develop, and any ratings improvement will not necessarily increase the value of the Preferred Securities and will not reduce market risk and other investment risks related to the Preferred Securities.

A credit rating is not a recommendation to buy, sell or hold securities and may be revised, suspended or withdrawn by the rating agency at any
time. Similar ratings assigned to different types of securities do not necessarily mean the same thing and any rating assigned to BBVA or the Preferred Securities does not address the likelihood that Distributions or any other payments in respect of
the Preferred Securities will be made on any particular date or at all. Credit ratings also do not address the marketability or market price of securities.Potential investors should not rely on any rating of the Preferred Securities
and should make their investment decision on the basis of considerations such as those outlined herein. See “—The Preferred Securities are not a suitable investment for all investors”. BBVA does not participate in any decision
making of the rating agencies and any revision or withdrawal of any credit rating assigned to BBVA or any securities of BBVA is a third party decision for which BBVA does not assume any responsibility.

In general, European regulated investors are restricted under Regulation (EC) No. 1060/2009, as amended (the “EU CRA Regulation”) from using credit ratings for regulatory purposes, unless such ratings are issued by a credit rating agency established in the EU and registered under such regulation (and such registration has not been withdrawn or suspended).
Such general restriction will also apply in the case of credit ratings issued by third-country non-EU credit rating agencies, unless (i) the relevant credit ratings are endorsed by a credit rating agency
that is established in the EU and registered under the EU CRA Regulation or (ii) the relevant credit rating agency is certified in accordance with the EU CRA Regulation (and such endorsement action or certification, as the case may be, has not
been withdrawn or suspended). Investors regulated in the United Kingdom are subject to similar restrictions under the EU CRA Regulation as it forms part of domestic law in the United Kingdom (the “UK CRA Regulation”).

If the status of the credit rating agency rating the Preferred Securities (if any) changes for the purposes of the EU CRA Regulation or the UK
CRA Regulation, relevant regulated investors may no longer be