Available credit enhancement significantly exceeds the credit enhancement required for the current rating level. 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. No commitment to maintain an overcollateralization level beyond the minimum legal requirement. Since we view commingling risk as not entirely mitigated in our analysis, we incorporate it into our cash flow analysis. 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 two unused notches, one for jurisdictional support and one for collateral uplift, as well as the stable outlook on the Belgian sovereign rating (AA/Stable/A-1+, unsolicited). Under
