Modification of BBVA´s rating

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), pursuant to the provisions of the Spanish Securities Market Act, hereby proceeds by means of the present document to notify the following:

RELEVANT EVENT 

Moody's Investor Service has disclosed on December, 12nd 2011 the modification of BBVA´s rating, as follows:

- Dated Subordinated debt: A2 from A1 (negative outlook)

Madrid, December 13, 2011