The cover pool comprises prime Belgian residential mortgage loans diversified across provinces. 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 an overcollateralization level beyond the minimum legal requirement. Since we view commingling risk as not entirely mitigated by the provisions of the Belgian covered bond legislation, we incorporate it into our cash flow analysis. 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 Fortis) reflects the four unused notches in the rating construction. Under our covered
