Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Well-seasoned portfolio of mostly residential loans (83.5%). High percentage of exposure to real estate developers in the nonresidential subpool where the bulk of problematic assets are concentrated, although this part of the pool represents a small percentage of total collateral. High percentage of restructured loans (about 18% of total pool) that could develop into future defaults. S&P Global Ratings' positive outlook on its ratings on the mortgage covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA; BBB+/Positive/A-2) reflects the positive outlook on the long-term sovereign rating on Spain (BBB+/Positive/A-2). This means that, all else being equal, any rating action
