TEXT-S&P cuts Banco Bilbao Vizcaya Argentaria Chile to 'A-'

Feb 14 - -- On Feb. 13, 2012, we downgraded Spain-based Banco
Bilbao Vizcaya
Argentaria S.A. (BBVA) to 'A' from 'A+', assigned a negative outlook, and
removed it from CreditWatch with negative implications.
-- Consequently, we are lowering the long-term rating on the bank's
Chilean subsidiary, Banco Bilbao Vizcaya Argentaria Chile Y Filiales (BBVA
Chile), to 'A-' from 'A' and removing it from CreditWatch with negative
implications.
-- The negative outlook on BBVA Chile mirrors that on BBVA. A downgrade
of BBVA would imply a downgrade of BBVA Chile.

Feb 14 - Standard & Poor's Ratings Services lowered its long-term issuer
credit rating on Banco Bilbao Vizcaya Argentaria Chile y Filiales (BBVA
Chile) to 'A-' from 'A' and removed it from CreditWatch with negative
implications, where we placed it on Dec. 14, 2011. At the same time, we affirmed
the short-term 'A-2' rating. The outlook is negative.

The downgrade of BBVA Chile follows the downgrade of its parent Banco Bilbao
Vizcaya Argentaria S.A. (BBVA; see "Spain's BBVA Downgraded To 'A/A-1'
Following Sovereign Action And Revised BICRA; Outlook Negative," published
Feb. 13, 2012, on RatingsDirect). According to our "Group Rating Methodology
And Assumptions" criteria, an entity that is classified as strategically
important for its parent, is generally set at three notches above its
stand-alone credit profile (SACP), subject to a cap of one rating notch below
the group credit profile level. As a result, the downgrade of BBVA Chile
reflects the one-notch difference between it and the parent.

RELATED CRITERIA AND RESEARCH
-- Spain's BBVA Downgraded To 'A/A-1' Following Sovereign Action And
Revised BICRA; Outlook Negative, Feb. 13, 2012
-- Spain's Ratings Lowered To 'A/A-1'; Outlook Negative, Jan. 13, 2012
-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
-- Banking Industry Country Risk Assessment Methodology and Assumptions,
Nov. 9, 2011
-- Group Rating Methodology And Assumptions, Nov. 9, 2011
-- Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.

Primary Credit Analyst: Delfina Cavanagh, Buenos Aires (54) 11-4891-2153;
delfina_cavanagh@standardandpoors.com
Secondary Contact: Sergio Fuentes, Buenos Aires (54) 114-891-2131;
sergio_fuentes@standardandpoors.com