The cover pool comprises seasoned U.K. prime residential loans. The ratings incorporate two unused notches of uplift, meaning that we would not lower the ratings on the covered bonds if we lowered the ratings on Nationwide Building Society by two notches, all else being equal. The issuer has committed to maintaining a level of credit enhancement in the cover pool commensurate with the current rating. The cover pool is concentrated in London and Southeast England, which exposes the transaction to price fluctuations there. S&P Global Ratings' stable outlook on Nationwide Building Society's (Nationwide) global covered bond program ratings reflects that: All else being equal, a downgrade of Nationwide's ratings (A+/Stable/A-1) by up to two notches would not lead to a
