OVERVIEW We have reviewed the performance of Nordea Kredit Realkredit's Capital Center 2 Danish mortgage covered bond program. We are affirming our 'AAA' ratings on the covered bond program and all series of "Særligt Dækkede Realkreditobligationer" covered bonds issued under it because the available overcollateralization supports the maximum number of notches of uplift from the issuer credit rating. The stable outlook on our rating on the Capital Center 2 program reflects our view that adverse movements in the long-term issuer credit rating on Nordea Bank A/S would not automatically trigger a change to our ratings. Our ratings are based on our applicable criteria. However, please note that some of these criteria are under review. As a result of this review,
