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June 3 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has upgraded Banco Bilbao Vizcaya Argentaria S.A., Taipei Branch’s (BBVA Taipei) National Long-Term Rating to ‘AA(twn)’ from ‘AA-(twn)’ and simultaneously affirmed its National Short-Term Rating at ‘F1+(twn)'. The Outlook is Stable.
The rating action follows Fitch’s upgrade of its head office, Banco Bilbao Vizcaya Argentaria’s (BBVA) Long-Term Issuer Default Rating to ‘A-’ from ‘BBB+’ (see ‘Fitch Upgrades Santander and BBVA to ‘A-'; Stable Outlook’ dated 29 May 2014 at www.fitchratings.com).
KEY RATING DRIVERS - National Ratings
BBVA Taipei’s ratings and Outlook remain tied to BBVA‘s, reflecting its legal status as a branch and part of BBVA, as well as the highly integrated nature of their operations. Under Taiwanese regulations, the head office has a legal obligation to support any liquidity needs that a branch is not able to cover on its own as well as to meet the regulatory minimum capital requirement.
RATING SENSITIVITIES - National Ratings
Any rating action on BBVA could trigger a similar rating action on BBVA Taipei’s ratings.