The cover pool comprises prime Belgian residential loans. Available credit enhancement exceeds the credit enhancement required for the current rating level. There are two unused notches of uplift for the ratings on the covered bonds from the long-term issuer credit rating (ICR). There is no commitment to maintain the current overcollateralization level beyond the legal requirement. Since commingling risk is not mitigated, we incorporate it in our cash flow analysis. S&P Global Ratings' stable outlook on its 'AAA' credit ratings on the covered bonds (mortgage pandbrieven) issued by Belgium-based BNP Paribas Fortis SA/NV (BNPP Fortis) reflects our view that adverse developments relating to the issuer, cover pool, or other factors would not automatically lead to a rating action on the
