The cover pool comprises prime Belgian well-seasoned and geographically diversified residential loans. Available credit enhancement exceeds the target credit enhancement at the current rating level. There are three 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. This is not always in line with our required credit enhancement at the current rating level, resulting in a one notch deduction of the potential collateral-based uplift. 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 three unused notches of
