Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Well-seasoned portfolio of mostly residential loans (83.4% of total reported cover pool balance). About 23.6% of the non-residential pool comprises loans that have been restructured, all of which we assume to be due to performance reasons. Given the small share of the non-residential portfolio, this translates into 3.9% of the total outstanding portfolio. The program does not currently benefit from at least six months of liquid assets. 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; A-/Negative/A-2) reflects the positive outlook on the long-term sovereign rating on Spain
