...- We reviewed the performance of Belgium-based Belfius Bank's mortgage covered bond program and related issuances as part of our ongoing surveillance. - Given the program's features, the available credit enhancement remains commensurate with the currently assigned ratings. We therefore affirmed our '###' ratings on the program and related issuances. - The stable outlook on the ratings indicates that we would not automatically lower our ratings on the covered bonds if we lowered our ratings on Belfius Bank. MILAN (S&P Global Ratings) Nov. 28, 2022--S&P Global Ratings today affirmed its '###' ratings on Belfius Bank SA/NV's mortgage covered bond program and related issuances. The outlook on our ratings is stable. Today's affirmations follow our review of the cover pool's credit quality as of Oct. 10, 2022. We have applied our criteria for rating covered bonds, our global residential loans criteria, and our sovereign risk criteria (see "Related Criteria"). Based on our credit and cash flow...
