A strong local franchise and solid links with rural areas. Available credit enhancement that significantly exceeds the target credit enhancement. Relatively high percentage of remortgage loans in the non-residential pool which we consider to have a higher probability of default. The balance of defaulted loans remains high, especially in the non-residential book, which we consider to a have higher probability of default. S&P Global Ratings' positive outlook on its ratings on the mortgage covered bonds ("cédulas hipotecarias" or CHs) issued by Spain-based Cajamar Caja Rural S.C.C. (Cajamar) reflects our view of the bank's creditworthiness. We would revise the outlook on our ratings on the covered bonds if we were to change our opinion on the bank's creditworthiness. We would also
