Core capital
(Million euros)
€5,425m. Although BBVA made no new issues,
these securities increased €30m in value owing to
the appreciation of the US dollar and the British
pound and they now represent 24.1% of capital.
Other eligible funds, Tier II, which includes
subordinated debt, surplus generic provisions and
Ratings
Moody’s
Fitch
Standard & Poor’s
16,516 17,552 18,604
March
December
March
2008 2008 2009
latent capital gains, came to €11,259m. Thus the
Tier II ratio stands at 3.8%, down 50 basis points
since the end of 2008. As in the case of Tier I, this is
mainly attributable to the deduction of CNCB.
In summary the BIS ratio at the end of March 2009
is 11.5%, compared to 12.2% at the end of 2008.
And the fall is mainly due to the deduction of BBVA’s
interest in CNCB. Conversely the core ratio
increased, reflecting the Group’s ability to generate
capital in a recurrent fashion in the present business
climate.
Ratings
On 4th March 2009 Standard & Poor’s confirmed
BBVA’s AA rating. It is one of only five banks
worldwide to maintain this rating despite the crisis.
Nonetheless, the outlook was revised downwards
from stable to negative.
Long term Short term
Financial strength Outlook
Aa1 P-1 B Stable
AA- F-1+ A/B Positive
AA A-1+ - Negative
1Q09 GROUP INFORMATION
Capital base
19
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