Obligors' high granularity for a public sector cover pool. The soft-bullet extendible maturity on the covered bonds covering 12 months of liquidity requirements. No commitment to maintain an overcollateralization level beyond the minimum regulatory requirement. 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 two-notch downgrade of the issuer credit rating (ICR) would not lead to a downgrade on the covered bonds due to the availability of two unused notches, one of jurisdictional-based uplift and other of collateral uplift. We are publishing
