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Presale: BBVA RMBS 20, Fondo de Titulización de Activos

Our analysis considers a transaction's potential exposure to ESG credit factors. For RMBS, we view the exposure to environmental credit factors as average, social credit factors as above average, and governance credit factors as below average (see "ESG Industry Report Card: Residential Mortgage-Backed Securities", published on March 31, 2021). Social credit factors are considered above average because housing is viewed as one of the most basic human needs, and conduct risk presents a direct social exposure for lenders and servicers. In our view, the exposure to social credit factors in this transaction is in line with the sector benchmark. The Spanish government, for the past five years, has adopted measures aimed at protecting the mortgage debtor. Some of these measures