Prudent management of asset-liability maturity mismatch risk and overcollateralization level. Available credit enhancement that exceeds the target credit enhancement. Conservative mortgage loan underwriting and servicing policies. Better performance of the residential mortgage book than that of most other Spanish issuers we rate. Risk relating to the volatile credit quality of the cover pool, arising from our expectation of further deterioration of the Spanish mortgage market. Standard&Poor's Ratings Services' negative outlook on its ratings on the mortgage covered bonds ("cédulas hipotecarias" or CHs) issued by Spain-based CaixaBank S.A. reflects the outlook on the bank and on the Kingdom of Spain (BBB-/Stable/A-3). Consequently, all else being equal, any rating action or revision of the outlook on CaixaBank or the sovereign
