Available credit enhancement that well exceeds the target credit enhancement. Very strong jurisdictional support assessment and systemic importance for covered bonds in Spain. Credit risk that exceeds the average for Spanish covered bond issuers, resulting in higher arrears and default levels in the mortgage loan book, compared with those of Abanca's domestic peers that we rate. High concentration of assets in the cover pool from a single region (Galicia). Standard&Poor's Ratings Services' stable outlook on its ratings on the mortgage covered bonds ("cedulas hipotecarias" or CHs) issued by Spain-based Abanca Corporación Bancaria, S.A. (Abanca; B+/Stable/B) reflects the stable outlook on our long-term rating on the issuer, and unused notches of uplift from the long-term issuer credit rating (ICR).
