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 regulatory requirement. Since we view commingling risk as not entirely mitigated, 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 stable outlook on the Belgian sovereign rating (AA/Stable/A-1+, unsolicited) as this program is already at the maximum differential above such rating. However, a downgrade of the issuer credit rating (ICR) by up to three notches, in itself, would not lead to a downgrade
