The cover pool comprises prime Belgian residential loans well diversified across provinces. Available credit enhancement exceeds the target credit enhancement at the current rating level. There are four unused notches of uplift resulting from our analysis of jurisdictional and collateral-based uplift. Since commingling risk is not mitigated, we incorporate it in our cash flow analysis. The overcollateralization commitment is capped at the 5% legal minimum level, which may not always support the ratings on the covered bonds. 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-1) reflects the four unused notches, two of which are from jurisdictional uplift and two from collateral uplift. Under our covered bonds criteria,
