High rating reference 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. High-seasoned residential and commercial loans with stable loan-to-value (LTV) ratios. Relatively high percentage of agricultural assets, which we generally consider to have higher credit risk compared to residential assets. Although, decreasing as part of the portfolio, a high percentage of interest-only (IO) and adjustable rate funded mortgages remain, which we generally consider to add higher credit risk to residential assets. Aside from the legislative minimum, there is no other commitment regarding the available overcollateralization in the cover pool. S&P Global Ratings' stable outlook on the
