The periodic review has resulted in no rating action.

Government stability, a reinforced commitment to fiscal consolidation, and stronger economic resilience drive the Outlook change. High government debt, weak GDP growth and adverse demographics are challenges.

Sustained fall in public debt ratio, declining external vulnerabilities, alongside robust economic growth, drive the Outlook change. Elevated public debt, moderate growth potential and high external vulnerabilities are challenges.

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The rating benefits from the bank’s well established local franchise and continued strong operating performance and comfortable financial viability.

The claim that Europe’s gradual economic and geopolitical decline is irreversible is overstated. But it will require a strategic political shift to change the current trajectory.

Italian NPL collections in September nearly doubled compared with August (+95%). However, they remain significantly below the levels recorded in the same period last year, a trend that has persisted throughout the year.

The recent collapse of First Brands, in casting a shadow over the direct-lending sector in the US, raises important questions: does the rapid growth in private credit amplify corporate credit risk and will this be different in Europe compared with the US?

The rating affirmation follows the lapsing of the bid for Sabadell. The ratings incorporate BBVA’s 2025-2027 strategic objectives to maintain a resilient business profile and strong profitability; Capital buffers are set to remain just adequate.

The affirmation is driven by DNV’s leading position in maritime classification and services, coupled with robust cash generation and very strong financial metrics. Its dependence on the largest segments and its profitability remain constraints.