BBVA suffers 2 downgrades

|By:, SA News Editor

Following last week's big earnings miss, BBVA is cut from Buy to Hold at Credit Suisse and from Hold to Sell at BAML.

The miss came about amid a €600M charge on a pool of €3.86B in Spanish loans now classified as non-performing.

Known as a Spanish lender, 71% of the bank's gross income comes from outside of that country, and 58% of income comes from emerging markets, namely Mexico and South America. While emerging market net income gained 11.1% Y/Y, developed market income fell 5.3%.

Full report.