Transaction Update: Cajamar Caja Rural S.C.C. (Mortgage Covered Bonds)

Available credit enhancement exceeds that required at the current rating level. The cover pool predominantly comprises highly seasoned residential loans with low loan-to-value (LTV) ratios. The program benefits from an overcollateralization commitment, which is commensurate with the maximum potential notches of collateral-based uplift. Relatively high concentration of mortgage loans in Spain's Southern Mediterranean basin. S&P Global Ratings' stable outlook on the ratings on the covered bonds (cédulas hipotecarias – CHs) issued by Spain-based Cajamar Caja Rural S.C.C. (Cajamar) reflects the stable outlooks on both our long-term issuer credit rating (ICR) on the issuer (BB+/Stable/B) and our unsolicited sovereign credit rating on Spain (A/Stable/A-1). This means a negative rating action on either would result in a similar rating action on Cajamar's

...+ Available credit enhancement exceeds that required at the current rating level. + The cover pool predominantly comprises highly seasoned residential loans with low loan-to-value (LTV) ratios. + The program benefits from an overcollateralization commitment, which is commensurate with the maximum potential notches of collateral-based uplift....

Transaction Update Report