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). The Spanish real estate market shows signs of overvaluation, in our view. 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+/Stable/B) reflects the negative outlook on Spain (unsolicited; A/Negative/A-1). This means that, all else being equal, a negative rating action on the sovereign would result in a similar rating
