The cover pool comprises prime Belgian residential mortgage loans. Available credit enhancement exceeds the credit enhancement required for the current rating level. Following the issuance of the series 2 covered bonds and the addition of new loans to the cover pool, credit and cash flow results show a generally positive trend. There is one unused notch of uplift incorporated in our jurisdiction-supported rating level (JRL) and another resulting from our analysis of the collateral-based uplift. There is no commitment to maintain the current overcollateralization level beyond the legal requirement. Since we view commingling risk as not mitigated in our analysis, we incorporate it into our cash flow results. S&P Global Ratings' stable outlook on its 'AAA' credit ratings on the
