Current prudent underwriting and servicing standards compared to that of the savings banks that formed Abanca. Available credit enhancement exceeds the target credit enhancement to achieve a 'A' rating. Weaker portfolio performance compared with the average for Spanish covered bond issuers that we rate, resulting in higher arrears and default levels in the mortgage loan book. 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 Corporacion Bancaria S.A. (Abanca; B+/Stable/B) reflects the stable outlook on our long-term issuer credit rating (ICR) on the issuer, and the fact that under our covered bonds criteria,
