S&P Global Ratings on April 6 affirmed its BBB long-term and A-2 short-term issuer credit ratings on Banco Bilbao Vizcaya Argentaria Uruguay SA, keeping the outlook at negative.
The bank's stand-alone credit profile also remains unchanged at "bbb-."
The rating agency said the company's ratings reflect its sound competitive position, nationwide operations across various lending sectors, large deposit base and healthy and stable asset quality metrics despite more challenging economic conditions.
The ratings also factor in a forecast risk-adjusted capital ratio of about 5.7% for the bank in the next 12 to 18 months, S&P said.
"The ratings also reflect our view of the bank's funding structure that relies on stable deposits, and its liquidity position that provides comfortable cushion to meet its short-term obligations," the rating agency added.
BBVA Uruguay's long-term issuer credit rating incorporates one notch of group support as S&P believes the bank is a moderately strategic subsidiary for Spain-based parent Banco Bilbao Vizcaya Argentaria SA.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.