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. About 10.03% of the commercial pool comprises loans that have been restructured (of which 7.3% 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 Spain-based CaixaBank S.A. (A-/Stable/A-2) reflects the stable outlook on our long-term rating on the issuer and the sovereign. The
