The program benefits from the Belgian jurisdictional framework, which we consider to be strong. The overcollateralization level is much higher than the minimum level commensurate with a 'AAA' rating. There is a high granularity of obligors for a public sector cover pool. Liquidity requirements are covered for 180 days, in line with Belgian law. Since we view commingling risk as not mitigated in our analysis, we incorporate it into our cash flow results. The issuer is not committed to maintaining the level of overcollateralization that is commensurate with the current rating, therefore we deduct one notch of collateral-based uplift. S&P Global Ratings' stable outlook on its 'AAA' ratings on the public sector covered bonds issued by Belgium-based Belfius Bank SA/NV
