Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Granular and well-seasoned portfolio of predominantly residential mortgages with lower loan-to-value (LTV) ratios than other domestic covered bond issuers that we rate. 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), although recent acquisitions contributed to some geographic diversification away from its core market S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based Abanca Corporacion Bancaria S.A. (Abanca; BBB-/Stable/A-3) reflects the stable outlook on our long-term rating on Spain (unsolicited; A/Stable/A-1). The outlook on
