Moody’s upgrades BBVA (BBVA: BBVA) long-term debt rating to A2 stable

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reports a credit upgrade from Moody’s Ratings. On October 3, 2025, Moody’s raised BBVA’s long‑term senior unsecured debt rating by one notch, to A2 from A3, and changed the rating outlook to stable from Rating Under Review for Possible Upgrade. This signals that Moody’s now sees BBVA’s senior unsecured debt as higher quality and with a more predictable risk profile. Moody’s also took additional actions on other BBVA ratings, indicating a broader review of the bank’s credit profile.

Positive

• Moody’s upgraded BBVA’s long-term senior unsecured debt rating to A2 from A3 and assigned a stable outlook, indicating improved external credit assessment and potentially better funding conditions.

Negative

• None.

Insights

Bank credit & fixed income analyst

Moody’s upgrade improves BBVA’s perceived credit quality and funding profile.

Moody’s raised BBVA’s long‑term senior unsecured rating to A2 from A3 on October 3, 2025, and set the outlook to stable from Rating Under Review for Possible Upgrade. A higher senior unsecured rating generally reflects stronger perceived ability to meet debt obligations.

This type of upgrade can support confidence among bond investors and counterparties, and may over time contribute to more favorable funding conditions, subject to market dynamics. Moody’s also adjusted other BBVA ratings, suggesting a comprehensive reassessment of the bank’s risk and capital profile within its methodology.

Investors in BBVA’s debt and equity can now anchor their view of the bank’s external credit standing on the new A2/stable assessment, while future ratings reports from Moody’s will show whether this view remains unchanged or evolves with BBVA’s performance and operating environment.

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

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FAQ

What credit rating change did BBVA report in this Form 6-K?

BBVA reported that on October 3, 2025, Moody’s Ratings upgraded its long-term senior unsecured debt rating to A2 from A3 and changed the outlook to stable from Rating Under Review for Possible Upgrade.

What does Moody’s A2 rating with a stable outlook mean for BBVA?

The upgrade to A2 with a stable outlook means Moody’s now views BBVA’s long-term senior unsecured debt as higher quality than at A3 and expects the rating to remain broadly steady unless conditions change materially.

Did Moody’s change only one of BBVA’s ratings?

No. In addition to upgrading BBVA’s long-term senior unsecured debt rating, Moody’s also took other actions on BBVA’s ratings, reflecting a broader review of the bank’s credit profile.

Why is a Moody’s rating upgrade important for BBVA investors?

A Moody’s rating upgrade typically signals stronger perceived ability to meet debt obligations, which can support market confidence in BBVA’s bonds and, indirectly, its overall financial standing.

Who signed the BBVA Form 6-K related to the Moody’s rating action?

The report was signed on behalf of Banco Bilbao Vizcaya Argentaria, S.A. by Patricia Bueno Olalla, Head of Investor Relations, dated October 3, 2025.

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 3rd, 2025, Moody’s Ratings (Moody’s) has upgraded by one notch BBVA’s long-term senior unsecured debt rating to A2 from A3. The outlook changed to stable from Rating Under Review (RUR) for Possible Upgrade.

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

● Upgraded by one notch long-term issuer rating to A2 from A3 and outlook changed to stable from RUR for Possible Upgrade.

● Upgraded by one notch junior senior unsecured debt rating to Baa1 from Baa2.

● Upgraded by one notch subordinated debt rating to Baa1 from Baa2.

● Upgraded by one notch Pref. Stock Non-cumulative debt rating to Ba1 from Ba2.

● Upgraded by one notch Commercial Paper debt rating to P-1 from P-2.

● Upgraded by one notch long-term Counterparty Risk Rating (CRR) to A1 from A2.

● Confirmed short-term CRR at P-1.

● Confirmed long-term deposit rating at A2 and outlook changed to RUR for Possible Upgrade from RUR Uncertain.

● Confirmed short-term deposit rating at P-1.

● Upgraded by one notch long-term Counterparty Risk Assessment (CRA) to A2(cr) from A3(cr).

● Upgraded by one notch short-term CRA to P-1(cr) from P-2(cr).

Madrid, October 3rd 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 3, 2025

By: /s/ Patricia Bueno Olalla

Name: Patricia Bueno Olalla

Title: Head of Investor Relations