Company: BBVXF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001628280-25-047351
Chunk: 18

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-10-30
Form: 6-K
Chunk 18
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, and Fitch) have upgraded BBVA’s rating, reflecting their positive view of the Group’s sound financial profile supported by strong profitability and resilient asset quality. In September, S&P raised BBVA’s rating from A to A+, maintaining a stable outlook and highlighting the robustness of returns and BBVA’s financial strength. In October, Moody’s upgraded the rating from A3 to A2, shifting the outlook from “Rating Watch Positive” to stable, and noted the improvement in the bank’s credit profile, particularly in terms of profitability. Fitch also upgraded BBVA’s rating in October, including senior preferred debt, from A- to A. The outlook was changed to stable, following an earlier revision from stable to positive in February and the placement on “Rating Watch Positive” in May. DBRS confirmed its rating of A (high) with a stable outlook in February. The following table shows the credit ratings and outlooks assigned by the agencies:

| RATINGS                                                                                                                                                                     |                |              |         |
| Rating agency                                                                                                                                                               | Long term  ⁽¹⁾ | Short term   | Outlook |
| DBRS                                                                                                                                                                        | A (high)       | R-1 (middle) | Stable  |
| Fitch                                                                                                                                                                       | A              | F-1          | Stable  |
| Moody's                                                                                                                                                                     | A2             | P-1          | Stable  |
| 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 termdeposits. |                |              |         |

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

| January - September 2025Report - p.23 |

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 (+3.0%), five tenths above the previous forecast and inflation could remain at moderate levels, with a comfortable level of solvency and liquidity in the system. In Mexico