High reference rating level (RRL), allowing for a 'AAA' rating to be reached with the jurisdictional support and the coverage of 'AAA' credit risk. The match-funded structure mitigates asset-liability mismatch (ALMM) risk in this program. Highly seasoned residential and commercial loans. Although the size of the commercial assets is very small, it comprises a relatively high level of agriculture assets, around 47%. According to the legislation, ROs have no continuous valuations surveillance (unlike Saerligt daekkede obligationer [SDOs]). Aside from the legislative minimum, there is no other commitment regarding the available overcollateralization in the cover pool. We derive the starting point of our analysis from the long-term issuer credit rating (ICR) on the parent, Nordea Bank Abp (AA-/Stable/A-1+). S&P Global Ratings'
