The available credit enhancement has increased and exceeds the target credit enhancement required to achieve a 'A+' rating. The issuer currently has prudent underwriting and servicing standards. Decreasing assets in the cover pool, which could result in lower available credit enhancement in the future. A large amount of restructured loans in the cover pool. This could lead to a deterioration of the portfolio's quality. Standard&Poor's Ratings Services' stable outlook on its credit ratings on the mortgage covered bonds ("cédulas hipotecarias" or CHs) issued by Spain-based Bankia S.A. (BB/Positive/B; Bankia) reflects the stable outlook on the long-term ratings on Spain (BBB+/Stable/A-2). This means that, all else being equal, any rating action on the sovereign would automatically lead to a
