Morningstar DBRS Assigns First-Time Credit Ratings of A (high) to BBVA Global Markets B.V., Stable Trend

DBRS Ratings GmbH (Morningstar DBRS) has assigned first-time credit ratings to BBVA Global Markets B.V. (BBVA GM), including the Long-Term Issuer Rating of A (high) and the Short-Term Issuer Rating of R-1 (middle). All credit ratings have a Stable Trend. The Bank's Support Assessment is SA1. See the full list of credit ratings in the table at the end of this press release.

KEY CREDIT RATING CONSIDERATIONS
The Long-Term and Short-Term Issuer ratings assigned to BBVA GM are equalised with its parent BBVA S.A. (the Parent or BBVA) to reflect that Morningstar DBRS considers BBVA GM to be a critical subsidiary for BBVA given its role in supporting the group's operations in the capital markets. Moreover, BBVA GM is fully owned by BBVA, all debt issued under BBVA GM is unconditionally and irrevocably guaranteed by BBVA and its entire business is conducted exclusively with its Parent. BBVA GM is domiciled in the Netherlands, it is incorporated under Dutch law and has no employees.

The Support Assessment of SA1 reflects Morningstar DBRS's view that, in case of need, BBVA GM is highly likely to receive support from BBVA.

CREDIT RATING DRIVERS
BBVA GM's credit ratings and trends move in line with the credit ratings of BBVA S.A. An upgrade of the Parent´s credit ratings would be reflected in BBVA GM's credit ratings.

Similarly, a downgrade of the Parent´s credit ratings would lead to a downgrade of BBVA GM ´s ratings. A downgrade of BBVA GM's credit ratings could also arise if it becomes a non-core subsidiary for BBVA or if the Parent materially decreases its level of support.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
Credit rating actions on BBVA S.A. are likely to have an impact on this credit rating and credit rating actions on the Kingdom of Spain are likely to have an impact on BBVA S.A.'s credit ratings. ESG factors that have a significant or relevant effect on the credit analysis of the Kingdom of Spain are discussed separately at https://dbrs.morningstar.com/issuers/15664

There were no Environmental or Governance factors that had a significant or relevant effect on the credit analysis.

The Social factor impacts BBVA GM as the ESG factors for the Kingdom of Spain are passed-through to BBVA GM given that BBVA GM's credit ratings or trend move along with the credit ratings or trend of BBVA S.A whose credit ratings or trend move along with the credit ratings or trend of the Sovereign (see credit rating drivers).

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (23 January 2024) https://dbrs.morningstar.com/research/427030/morningstar-dbrs-criteria:-approach-to-environmental,-social,-and-governance-risk-factors-in-credit-ratings

Morningstar DBRS notes that this press release was amended on 25 February 2025 to incorporate the solicitation status disclosure.

Notes:
All figures are in Euros unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (4 June 2024) https://dbrs.morningstar.com/research/433881/global-methodology-for-rating-banks-and-banking-organisations. In addition Morningstar DBRS uses the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings https://dbrs.morningstar.com/research/427030/morningstar-dbrs-criteria:-approach-to-environmental,-social,-and-governance-risk-factors-in-credit-ratings in its consideration of ESG factors.

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

The sources of information used for this credit rating include Morningstar Inc. and Company Documents, BBVA Q4 2023 Earnings Presentation, BBVA Q4 2023 Press Release, BBVA Q4 2023 Report, BBVA Q4 2023 Debt Presentation, BBVA 2023 Annual Accounts and BBVA Global Markets 2023 Annual Accounts. Morningstar DBRS considers the information available to it for the purposes of providing this credit rating to be of satisfactory quality.

This credit rating concerns a newly rated issuer. This is the first Morningstar DBRS credit rating on this issuer.

With respect to FCA and ESMA regulations in the United Kingdom and European Union, respectively, this is an unsolicited credit rating. This credit rating was not initiated at the request of the issuer.

With Rated Entity or Related Third-Party Participation: YES
With Access to Internal Documents: NO
With Access to Management: NO

Morningstar DBRS does not audit the information it receives in connection with the credit rating process, and it does not and cannot independently verify that information in every instance.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS's outlooks and credit ratings are under regular surveillance.

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

The sensitivity analysis of the relevant key credit rating assumptions can be found at: https://dbrs.morningstar.com/research/434195.

These credit ratings are endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Maria Jesus Parra, Vice President - European Financial Institution Ratings
Rating Committee Chair: Maria Rivas, Senior Vice President, Sector Lead - European Financial Institution Ratings
Initial Rating Date: 10 June 2024
Last Rating Date: Not Applicable

DBRS Ratings GmbH, Sucursal en España
Paseo de la Castellana 81
Plantas 26 & 27 28046 Madrid, Spain
Tel. +34 (91) 903 6500

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit dbrs.morningstar.com.