Positive evolution of loans in arrears and defaulted loans, which proves the currently improved servicing standards. Available credit enhancement exceeds the target credit enhancement to achieve an 'A+' rating. The percentages of defaults and restructured loans in the non-residential loan book are still high, although they are currently reducing. High concentration of assets in the cover pool from a single region (Galicia). S&P Global Ratings' positive outlook on its ratings on the mortgage covered bonds ("cedulas hipotecarias" or CHs) issued by Spain-based Abanca Corporacion Bancaria S.A. (Abanca; BB-/Positive/B) reflects the positive outlook on our long-term sovereign rating on Spain (BBB+/Positive/A-2) and on the issuer. A positive rating action on the issuer combined with a positive rating action on the sovereign
