Available credit enhancement that well exceeds the target credit enhancement. Limited asset-liability mismatches due to the high percentage of short maturity assets. Very strong jurisdictional support assessment and systemic importance for public sector covered bonds in Spain. High sensitivity of the cover pool assets to country risk as the cover pool is almost entirely concentrated in Spain. Exposure to unhedged foreign exchange risk as there is a covered bond issuance in U.S. dollars, while the pool assets are euro-denominated. High concentration of 20 borrowers that represent over 52% of the pool. Standard&Poor's Ratings Services' stable outlook on its ratings on the public sector covered bonds ("cedulas territoriales" or CTs) issued by Spain-based Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
