Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Positive evolution of delinquent and defaulted loans in the portfolio. The program benefits from an overcollateralization commitment, which is commensurate with the maximum potential notches of collateral-based uplift. Relatively high concentration of mortgage loans in a single region (Galicia). About 17.9% of the nonresidential portfolio comprises loans that have been restructured, all of which we assume to be due to performance reasons. Given the small share of the commercial portfolio, this translates into 3.5% of the total outstanding portfolio. S&P Global Ratings' negative outlook on its ratings on the mortgage covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based Abanca Corporacion Bancaria S.A. (Abanca; BB+/Negative/B)
