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 the issuer provided to us, we have assumed in our analysis that about 15.7% of residential loans are to self-employed borrowers, which we generally view as higher risk. About 15.5% 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' positive outlook on its ratings on the mortgage covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based CaixaBank S.A. (BBB/Positive/A-2) reflects the
