Prudent management of asset-liability maturity mismatch (ALMM) risk. Available credit enhancement that exceeds the target credit enhancement. High percentage of short-term assets that compensate for liability maturities in the coming quarters. High sensitivity of the cover assets to country risk as the pool is almost entirely concentrated in Spain. Standard&Poor's Ratings Services' stable outlook on its rating on the public sector covered bonds ("cedulas territoriales" or CTs) issued by Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reflects the outlook on Spain. Consequently, all else being equal, any rating action or revision of the outlook on the sovereign would automatically lead to a similar rating action on the covered bonds. Currently, a negative rating action on the issuer, BBVA,
