Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Granular and well-seasoned portfolio of predominantly residential mortgages with lower loan-to-value (LTV) ratios than other domestic covered bond issuers that we rate. About 12% of the commercial pool comprises loans that have been restructured, all of which we assume to be due to performance reasons. Based on the information the issuer provided to us, we have assumed in our analysis that about 18% of residential loans are to self-employed borrowers, which we generally view as higher risk. 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+/Stable/A-2) reflects the positive outlook on
