The cover pool comprises prime seasoned 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 (ICR) by up to four notches. There is no commitment to maintain an overcollateralization level beyond the minimum legal requirement. 69.7% of mortgage loans have mortgage mandates, which we have considered in our determination of loss severity. 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 bonds criteria, we would not automatically lower
