...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on Wuestenrot Bausparkasse's German mortgage covered bonds. + In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. + We have therefore affirmed our '###' ratings on the program and related issuances. + The stable outlook on our ratings reflects the rating cushion of two unused notches. MADRID (S&P Global Ratings) Jan. 30, 2018--S&P Global Ratings today affirmed its '###' credit ratings on Wuestenrot Bausparkasse AG's (Wuestenrot) German mortgage covered bond program and related issuances. The outlook is stable. We have conducted a credit and cash flow analysis based on our European residential loans criteria, our criteria for analyzing European commercial real estate collateral in covered bonds, and our covered bonds criteria (see "Related Criteria"). Based on our credit and cash flow results using figures as of Oct. 2, 2017 and Dec. 31, 2017, we consider...
