The rating reflects the group’s resilient business model, underpinned by its best-in-class approach to long-term sustainability. Profitability supports the rating; buffers to prudential requirements are considered adequate.

In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

Scope Ratings has today affirmed its long- and short-term ratings on BBVA SA. At the same time, it has assigned a BB+ rating to BBVA’s latest two AT1 issues.

Scope Ratings has updated its rating report on BBVA’s AT1 securities.

The Additional Tier 1 market reaches a landmark in 2018 as the earliest issues hit their first call dates. The investor base has grown, and terms and structures have standardised. But what lessons should be learned from developments in this market?

Scope Ratings has updated its rating report on BBVA SA, rated A+ with Stable Outlook.

Rating upgrade reflects Scope’s view of these banks’ reassuring liquidity dynamics, positively impacted by European supervisors’ enhanced focus on bank liquidity and funding.

This is BBVA’s first issuance of non-preferred senior (NPS) debt; the Spanish bank’s Issuer Rating and the rating of its senior unsecured debt not intended for MREL are A+ with Stable Outlook.

Rating upgrades address new seniority ranking in resolution following the passage of Decree Law 11/2017 and are in line with Scope’s bank rating methodology.

The handbook includes an assessment of how risks in the AT1 market are evolving. Recent developments concerning Banco Popular and Bremer Landesbank demonstrate the importance of issuer fundamentals when evaluating the likelihood of incurring losses.