The cover pool comprises prime Belgian residential mortgage loans. Available credit enhancement significantly exceeds the credit enhancement required for the current rating level. There are two unused notches of uplift incorporated in our jurisdiction-supported rating level (JRL) and one 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' 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
