A strong local franchise and solid links with rural areas. Available credit enhancement that exceeds the target credit enhancement. High percentage of remortgage loans in the non-residential pool that could develop into future defaults. Increased balance of defaulted loans, especially in the non-residential book, which shows that the issuer is still finding it difficult to cure severe arrears. Standard&Poor's Ratings Services' stable outlook on its ratings on the mortgage covered bonds ("cédulas hipotecarias" or CHs) issued by Spain-based Cajas Rurales Unidas 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 we were to change our opinion on the bank's creditworthiness. We would also consider a
