The cover pool comprises prime Belgian residential loans. Available credit enhancement exceeds the target credit enhancement at the current rating level. Neither country risk nor counterparty risk constrains the ratings on the covered bonds. Since commingling risk is not mitigated, we incorporate it in our cash flow analysis. The issuer does not commit to maintain the level of overcollateralization that is commensurate with the current rating, therefore we deduct one notch of ratings uplift for the calculation of the maximum achievable covered bond rating. S&P Global Ratings' stable outlook on its 'AAA' ratings on the mortgage covered bonds issued by Belgium-based Belfius Bank SA/NV (A-/Stable/A-2) reflects one unused notch of collateral uplift. Under our covered bonds criteria, we would not
