Available credit enhancement that is well above the target credit enhancement required to achieve a 'A+' rating. The issuer currently has prudent underwriting and servicing standards. A large amount of restructured loans in the cover pool. This could lead to a deterioration of the portfolio's quality. S&P Global Ratings' 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 similar rating action on the covered bonds. We are publishing this transaction update as part of our periodic review of
