MADRID (Standard&Poor's) Dec. 4, 2014--Standard&Poor's Ratings Services today revised its outlook to stable from negative on its 'BBB-' rating on the mortgage covered bond program issued by Cajas Rurales Unidas S.C.C. (Cajamar). Our ratings on Cajamar's mortgage covered bonds are currently at their maximum uplift, according to our asset-liability mismatch (ALMM) criteria and their current level of overcollateralization (see "Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds," published on Dec. 16, 2009). We have revised the outlook on these mortgage covered bonds to stable from negative to reflect that we could lower or raise our ratings on the covered bonds if we were to change our view of the creditworthiness of the
