Very strong jurisdictional support for mortgage covered bonds in Denmark. Low liquidity risk due to the Danish "balance principle" requiring covered bond issuers to match cash flows from assets and liabilities. Available overcollateralization that exceeds the target credit enhancement. The issuer made no commitment to maintain the level of overcollateralization above the legal minimum. Relatively high percentage of commercial portfolio including agricultural assets, which Standard&Poor's generally considers to have higher credit risk compared to residential assets. The stable outlook reflects that we would not automatically lower the ratings on Nordea Kredit Realkredit A/S' mortgage covered bonds if we downgraded Nordea Bank Danmark A/S or if asset-liability mismatch (ALMM) risk increased. This is because, under our covered bonds criteria,
