A strong local franchise and solid links with rural areas. Available credit enhancement significantly exceeds the overcollateralization commensurate with the current rating. The program benefits from a public overcollateralization commitment. 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, although it has decreased compared to previous reviews. The real estate market shows an increasing trend in overvaluation. S&P Global Ratings' stable 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
