S&P upgrades BBVA (BBVXF) long-term issuer credit rating to A+

Rhea-AI Filing Summary

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) reports a credit rating upgrade from S&P Global Ratings. On September 16, 2025, S&P raised BBVA’s long-term issuer credit rating by one notch to A+ from A, indicating a stronger view of the bank’s ability to meet its financial obligations over the long term.

The outlook remains stable, meaning S&P does not currently anticipate another change in the long-term rating in the near term based on the information it has. S&P also took additional actions on other BBVA ratings, which are referenced but not detailed in this excerpt.

Positive

• S&P Global Ratings upgraded BBVA’s long-term issuer credit rating to A+ from A with a stable outlook on September 16, 2025, signaling improved perceived credit quality.

Negative

• None.

Insights

Bank credit and ratings analyst

S&P’s upgrade to A+ is a clearly positive signal for BBVA.

S&P Global Ratings has raised BBVA’s long-term issuer credit rating from A to A+, with a stable outlook as of September 16, 2025. A one-notch upgrade from a major agency typically reflects an improved assessment of capital strength, asset quality, earnings stability, or operating environment, even though the specific drivers are not detailed here.

A higher long-term rating generally means lower perceived default risk for the bank’s senior obligations, which can support funding flexibility and potentially reduce borrowing costs across wholesale markets. The stable outlook indicates S&P currently sees the bank’s credit profile as balanced, without immediate pressure for further changes.

The notice also mentions that S&P has taken additional actions on other BBVA ratings, which could affect specific instruments or subsidiaries once fully detailed. Subsequent rating publications from S&P and future BBVA disclosures will provide more granularity on how these actions relate to different layers of the bank’s capital structure.

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 September, 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 September 16th, 2025, S&P Global Ratings (S&P) has upgraded by one notch BBVA’s long-term issuer credit rating (ICR) to A+ from A. The outlook remains stable.

S&P has also taken the following actions over other BBVA’s ratings:

● Upgraded by one notch long-term resolution counterparty rating (RCR) to AA- from A+.

● Upgraded by one notch short-term RCR to A-1+ from A-1.

● Affirmed short-term ICR rating at A-1.

● Upgraded by one notch long-term senior unsecured debt issue rating to A+ from A.

● Upgraded by one notch long-term senior subordinated debt issue rating to A- from BBB+.

● Upgraded by one notch long-term subordinated debt issue rating to BBB+ from BBB.

Madrid, September 16th 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: September 16, 2025

By: /s/ Patricia Bueno Olalla

Name: Patricia Bueno Olalla

Title: Head of Investor Relations

FAQ

What credit rating change did BBVA (BBVXF) announce from S&P Global Ratings?

BBVA reported that S&P Global Ratings upgraded its long-term issuer credit rating to A+ from A on September 16, 2025.

What is the outlook on BBVA’s new A+ long-term rating from S&P?

S&P assigned a stable outlook to BBVA’s upgraded A+ long-term issuer credit rating, indicating no immediate expectation of further changes.

Which agency upgraded BBVA’s long-term credit rating to A+?

The upgrade was made by S&P Global Ratings (S&P), which raised BBVA’s long-term issuer credit rating to A+ from A.

Did S&P take any other rating actions on BBVA besides the long-term upgrade?

Yes. The disclosure states that S&P has also taken actions on other BBVA ratings, although specific details are not included in this excerpt.

When did S&P upgrade BBVA’s long-term issuer credit rating to A+?

The upgrade to A+ from A was made effective on September 16, 2025, as reported by BBVA.

What type of SEC document did BBVA file to report the S&P rating upgrade?

BBVA reported the rating change in a Form 6-K report of foreign issuer under the Securities Exchange Act of 1934.