Fitch lifts BBVA (BBVA) issuer rating to A and deposit rating to A+

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reports a credit rating upgrade from Fitch Ratings. On May 12th, 2026, Fitch raised BBVA’s long-term issuer default rating to A from A-, and its long-term deposit rating to A+ from A. The outlook on these ratings remains stable, meaning Fitch does not currently expect near-term changes. The upgrade follows Fitch’s revised Bank Rating Criteria published on May 8th, 2026, reflecting its updated view of BBVA’s credit profile under the new framework.

Positive

• Fitch upgrades BBVA’s ratings by one notch to an A long-term issuer default rating and an A+ long-term deposit rating, both with a stable outlook, signaling stronger assessed credit quality.

Negative

• None.

Insights

Bank credit analyst

Fitch’s upgrade strengthens BBVA’s credit profile with a stable outlook.

Fitch Ratings upgraded BBVA by one notch, to an A long-term issuer default rating and an A+ long-term deposit rating. These levels indicate stronger perceived ability to meet obligations compared with the prior A-/A ratings.

The stable outlook means Fitch does not currently anticipate further rating moves in the near term under its revised Bank Rating Criteria dated May 8th, 2026. This update reflects Fitch’s reassessment of banks globally, not just BBVA.

Improved ratings can support BBVA’s funding conditions and counterparty perception, although the exact impact depends on future market behavior and BBVA’s ongoing performance under Fitch’s updated criteria.

Key Figures

Long-term issuer default rating (new): A Long-term issuer default rating (prior): A- Long-term deposit rating (new): A+ +3 more

6 metrics

Long-term issuer default rating (new) A Upgraded from A- by Fitch on May 12th, 2026

Long-term issuer default rating (prior) A- Previous Fitch rating before May 12th, 2026 upgrade

Long-term deposit rating (new) A+ Upgraded from A by Fitch on May 12th, 2026

Long-term deposit rating (prior) A Previous Fitch deposit rating before upgrade

Outlook Stable Applies to the upgraded Fitch ratings

Fitch criteria publication date May 8th, 2026 Date of revised Bank Rating Criteria prompting upgrade

Key Terms

long-term issuer default rating, long-term deposit rating, outlook remains stable, Bank Rating Criteria, +1 more

5 terms

long-term issuer default rating financial

"has upgraded by one notch both BBVA’s long-term issuer default rating to A from A-"

A long-term issuer default rating is a credit agency’s quick summary of how likely a company or government is to fail to pay its long-term debts, similar to a personal credit score but for an organization. Investors use it as a shortcut to judge risk: lower ratings signal higher chance of missed payments and usually mean higher borrowing costs and more volatile bond values, affecting expected returns and portfolio safety.

long-term deposit rating financial

"and its long-term deposit rating to A+ from A."

A long-term deposit rating is an independent assessment of how likely a bank or financial institution is to honor customer deposits over several years, similar to a report card that measures long-term financial health. Investors and savers use it as a quick signal of stability: a higher rating means deposits are seen as safer and the institution can borrow more cheaply, while a lower rating suggests greater risk and potential costs or losses for creditors.

outlook remains stable financial

"The outlook remains stable."

Bank Rating Criteria financial

"These upgrades follow the publication of Fitch’s revised Bank Rating Criteria on May 8th, 2026."

Securities Market legislation regulatory

"Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with the Securities Market legislation, hereby communicates"

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Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES SECURITIES AND EXCHANGE
COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026

Commission file number: 1-10110

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

Calle Azul 4,

28050 Madrid

Spain

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F         x Form 40-F    ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes                   ¨ No              x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes                    ¨ No             x

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with the Securities Market legislation, hereby communicates the following:

OTHER RELEVANT INFORMATION

Today May 12th, 2026, Fitch Ratings (Fitch) has upgraded by one notch both BBVA’s long-term issuer default rating to A from A- and its long-term deposit rating to A+ from A. The outlook remains stable.

These upgrades follow the publication of Fitch’s revised Bank Rating Criteria on May 8th, 2026.

Madrid, May 12th 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Banco Bilbao Vizcaya Argentaria, S.A.
Date: May 12, 2026	By:	/s/ Patricia Bueno Olalla
	Name:	Patricia Bueno Olalla
	Title:	Head of Investor Relations

FAQ

What did Fitch Ratings change in BBVA (BBVA) credit ratings in May 2026?

Fitch upgraded BBVA’s long-term issuer default rating to A from A- and its long-term deposit rating to A+ from A. Both ratings carry a stable outlook, indicating no expected near-term change.

What is BBVA’s new long-term issuer default rating from Fitch?

BBVA’s long-term issuer default rating from Fitch is now A, upgraded from A-. This one-notch improvement reflects Fitch’s updated assessment of BBVA’s ability to meet long-term obligations under revised bank rating criteria.

What is BBVA’s new long-term deposit rating from Fitch Ratings?

Fitch raised BBVA’s long-term deposit rating to A+ from A. This one-notch upgrade indicates stronger perceived security of deposits at the bank, based on Fitch’s revised Bank Rating Criteria published in May 2026.

Does Fitch’s May 2026 rating action on BBVA include an outlook?

Yes. Fitch assigned a stable outlook to BBVA’s upgraded A issuer default rating and A+ long-term deposit rating. A stable outlook signals that Fitch currently does not foresee a likely upgrade or downgrade in the near term.

Why did Fitch Ratings upgrade BBVA’s credit ratings in May 2026?

Fitch’s upgrade of BBVA’s long-term issuer default and deposit ratings follows publication of its revised Bank Rating Criteria on May 8th, 2026. The new criteria led Fitch to reassess BBVA’s credit profile and conclude both ratings should rise by one notch.