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. According to the legislation, realkreditobligationer (ROs) have no continuous valuations surveillance (unlike saerligt daekkede obligationer [SDOs]). Aside from the legislative minimum, the cover pool has no other available overcollateralization commitment. 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' stable outlook on the ratings on Nordea Kredit Realkredit A/S' capital center 1 mortgage bonds reflects that we would not automatically lower the ratings
