Available credit enhancement that is well above the target credit enhancement required to achieve a 'A+' rating. Prudent underwriting and servicing standards since the restructuring process began. Although decreasing, there is still a relatively high percentage of remortgage loans, which we consider to have a higher probability of default. The balance of defaulted loans in the non-residential pool is still high, albeit reducing. S&P Global Ratings' positive outlook on its credit ratings on the mortgage covered bonds ("cédulas hipotecarias" or CHs) issued by Spain-based Bankia S.A. (BBB-/Positive/A-3; Bankia) reflects the positive outlook on the long-term ratings on Spain (BBB+/Positive/A-2). This means that, all else being equal, any rating action on the sovereign would automatically lead to a similar rating action
