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 program does not currently benefit from at least six months of liquid assets. S&P Global Ratings' negative outlook on its ratings on the mortgage covered bonds ("Cedulas 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
