Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Granular and well-seasoned portfolio of residential and commercial loans with low loan-to-value (LTV) ratios compared with that of domestic covered bond issuers that we rate. Based on the information provided by the issuer, we assumed that about 16% of residential loans are to self-employed borrowers, which we generally view as riskier. Based on the information provided by the issuer, about 26% of the commercial pool comprises loans that have been restructured, all of which we assume to be due to performance reasons. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based CaixaBank S.A. (BBB/Stable/A-2)
