A strong local franchise and solid links with rural areas. Available credit enhancement that exceeds the target credit enhancement. Prudent management of asset-liability mismatch (ALMM) risk and willingness to maintain an adequate level of overcollateralization. The pool's concentration in regions among those most affected by the recent Spanish financial crisis. Cajamar's nonorganic growth strategy, including the integration of institutions with weaker underwriting standards. A large amount of restructured loans in the cover pool, which could lead to further deterioration of the portfolio. Standard&Poor's Ratings Services' negative outlook on its ratings on the mortgage covered bonds ("cedulas hipotecarias" or CHs) issued by Spain-based cooperative bank Cajas Rurales Unidas S.C.C. (Cajamar) reflect that a deterioration of the bank's creditworthiness could
