The cover pool comprises prime Belgian residential mortgage loans diversified across provinces. Available credit enhancement significantly exceeds the credit enhancement required for the current rating level. The program has four unused notches of uplift, which would protect the ratings on the covered bonds in the event of downgrade of the issuer credit rating by up to four notches. There is no commitment to maintain the current overcollateralization level beyond the legal requirement. Since we view commingling risk as not mitigated by the provisions of the Belgian covered bond legislation, we incorporate it into our cash flow results. S&P Global Ratings' stable outlook on its credit ratings on the covered bonds (mortgage pandbrieven) issued by Belgium-based BNP Paribas Fortis SA/NV (BNPP
