Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Geographically diversified and well-seasoned portfolio of predominantly residential mortgages with lower loan-to-value (LTV) ratios than other domestic covered bond issuers that we rate. The ratings on the covered bonds benefit from three unused notches of uplift above the issuer credit rating (ICR). About 12.3% of the commercial pool comprises loans that have been restructured (of which 9.5% are current), and that we consider to have a higher probability of default. Aside from the legislative minimum, there is no other commitment regarding the available overcollateralization in the cover pool. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds ("cedulas hipotecarias") issued by
