BBVA 6-K: Ratings to A- and BBB-; Outlooks Moved to Stable

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Rhea-AI Filing Summary

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA) disclosed short-form rating updates: one rating moved to A- from BBB+ with the outlook changed to stable from Rating Watch Positive, and a separate rating of BBB- had its outlook changed to stable from Rating Watch Positive. The filing presents these changes as updates to credit assessments and outlook status; no numeric financial results, transactions, or forward guidance are provided in the text. The disclosure is concise and limited to the rating actions and outlook revisions.

Positive

• Outlooks stabilized to stable, reducing immediate uncertainty
• Ratings explicitly disclosed (A- and BBB-), improving transparency

Negative

• Previous Rating Watch Positive designations removed, which may signal suspended near-term improvement expectations
• No agency rationale or financial impacts provided, leaving investors without context

Insights

Credit Analyst

Two credit outlooks were moved to stable from Rating Watch Positive.

The first action shows a rating referenced as A- replacing BBB+, with the outlook shifting to stable from Rating Watch Positive. The second notes a BBB- rating whose outlook was likewise changed to stable from Rating Watch Positive. These are changes in external credit assessments rather than disclosures of financial metrics.

Such outlook stabilizations can reflect reassessments of near-term credit momentum; monitor any follow-up filings or rating-agency reports for rationale and for any potential impacts on funding costs or covenants over the next 3-12 months.

Investor Relations Advisor

Announcement is narrowly focused on rating symbols and outlook shifts, with no operational details.

The filing contains only the rating changes and outlook revisions and does not include explanations, affected debt instruments, or quantified impacts on liabilities or capital. Because no transactions or financial results are disclosed, the immediate market impact is likely to depend on external commentary from the rating agencies.

Stakeholders should look for subsequent agency reports or additional company disclosures within the next weeks to see the stated reasons and any linkage to funding or covenant language.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What rating changes did BBVA report in the 6-K?

The filing states a rating moved to A- from BBB+ with the outlook changed to stable from Rating Watch Positive, and a separate rating of BBB- had its outlook changed to stable from Rating Watch Positive.

Does the 6-K explain why the outlooks were changed for BBVA?

No. The document lists the rating and outlook changes but does not provide the agencies' explanations or supporting financial details.

Are there any financial results or transactions linked to the ratings in this filing?

No. The filing contains only the rating and outlook updates and no financial metrics, transactions, or forward guidance.

Should BBVA investors expect immediate funding cost changes from these updates?

The filing does not quantify any funding or covenant impact. Investors should await rating-agency reports or further company disclosures for specifics.

Where can I find the rating agencies' reasons for these outlook changes?

The 6-K does not include agency rationales; look for official releases from the relevant rating agencies for detailed explanations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 10/07/2025 - 11:40 AM EDT Learn about SEC filing dates

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 October, 2025

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 October 7th, 2025, Fitch Ratings (Fitch) has upgraded by one notch BBVA’s long-term senior preferred debt rating to A from A-. The outlook changed to stable from Rating Watch Positive.

Fitch has also taken the following actions over other BBVA’s ratings:

● Upgraded by one notch long-term issuer default rating to A- from BBB+ and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch short-term issuer default rating to F1 from F2 and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch Derivative Counterparty Rating to A(dcr) from A-(dcr) and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch long-term deposits rating to A from A- and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch short-term deposits rating to F1 from F2 and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch short-term senior preferred debt rating to F1 from F2 and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch long-term senior non-preferred debt rating to A- from BBB+ and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch long-term subordinated lower Tier 2 debt rating to BBB from BBB- and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch long-term subordinated upper Tier 2 debt rating to BBB- from BB+ and outlook changed to stable from Rating Watch Positive.

● Upgraded by one notch long-term AT1 debt rating to BB+ from BB and outlook changed to stable from Rating Watch Positive.

Madrid, October 7th 2025

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: October 7, 2025

By: /s/ Patricia Bueno Olalla

Name: Patricia Bueno Olalla

Title: Head of Investor Relations