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. The soft-bullet extendible maturity on the covered bonds covers liquidity requirements for 12 months. 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 (A/Stable/A-1) reflects the outlook on the Belgian sovereign (AA/Stable/A-1+, unsolicited), as well
