The cover pool comprises well-seasoned Finnish mortgage loans with lower current loan-to-value (LTV) ratios than other specialized mortgage lenders in the Nordics. The bonds' soft-bullet repayment profile mitigates short-term liquidity risk. The structure benefits from a public commitment by the issuer to maintain overcollateralization consistent with a 'AAA' rating. Concentration of mortgages in the South of Finland, which we have considered in our determination of default frequency. Obligor concentrations within the sub portfolio of housing association loans, with the largest 10 borrowers representing almost 10% of the total mortgage loan balance. We have addressed this in our analysis through the largest obligor default concentration test. S&P Global Ratings' stable outlook on the 'AAA' ratings on the Mortgage Society of Finland's
