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; BB+/Positive/B) reflects the stable outlook on our unsolicited sovereign credit rating on Spain (A/Stable/A-1). This means a negative rating action on the sovereign will result in a similar rating action on Cajamar's covered bonds, all else being equal. However, a positive rating action
