Four unused notches of uplift, which provide a rating buffer. Credit exposure focused on highly rated obligors in Germany and assets guaranteed by credit export agencies. The German covered bond law requires coverage of 180 days of liquidity needs at all times. Commingling and bank account risk that is not addressed either structurally or by the German legal framework. There is no commitment to maintain the level of overcollateralization above the legal minimum. Obligor concentration with the largest obligor which affects the target credit enhancement level. S&P Global Ratings' outlook on the ratings on the public-sector covered bonds (Öffentliche Pfandbriefe) issued by DekaBank Deutsche Girozentrale (DekaBank; A+/Stable/A-1) is stable. This reflects our view that a downgrade of DekaBank would not
