Available credit enhancement that well exceeds the credit enhancement required at the current rating level. Granular and well-seasoned portfolio of predominantly residential mortgages with lower loan-to-value (LTV) ratios than other domestic covered bond issuers that we rate. The ratings on the covered bonds benefit from three unused notches of jurisdictional support. Although decreasing, about 7.6% of the commercial pool comprises loans that have been restructured, all of which we assume to be due to performance reasons. Based on the information the issuer provided to us, we have assumed in our analysis that about 19% of residential loans are to self-employed borrowers, which we generally view as higher risk. S&P Global Ratings' stable outlook on its ratings on the mortgage covered
