Good credit quality of the public sector assets, with 72% in the 'a' rating category. The available credit enhancement well exceeds the credit enhancement required at the 'AA-' rating level. Availability of a rating cushion of three unused notches comprising two notches of jurisdictional support and one notch of collateral-based support. High sensitivity of the cover pool assets to sovereign risk. High obligor concentration with the top 20 borrowers representing 65.72% of the cover pool. Voluntary overcollateralization above the legal minimum level, which the issuer may reduce at its discretion to a level that does not support the ratings on the covered bonds. S&P Global Ratings' stable outlook on Bankia's public sector covered bonds ("cedulas territoriales" or CTs) reflects the
