The improved credit quality of the current cover pool, following the transposition of the European Covered Bond Directive into Spanish legislation, led to lower potential credit losses when we applied our criteria. The program benefits from a public overcollateralization commitment. Relatively high concentration of mortgage loans in Spain's Southern Mediterranean basin. S&P Global Ratings' positive outlook on our ratings on the covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based Cajamar Caja Rural S.C.C. (Cajamar) reflects the positive outlook on its long-term issuer credit rating (ICR, BB/Positive/B). This program has no unused notches of ratings uplift. Therefore, the positive outlook on Cajamar Caja Rural's mortgage covered bonds reflects that on the issuer, and a rating action on the issuer would
