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. Highly seasoned residential and commercial loans with stable loan-to-value (LTV) ratios. The pool comprises about 27% commercial assets, which we generally consider as having higher credit risk compared with residential assets. Aside from the legislative minimum, there is no other commitment regarding the available overcollateralization in the cover pool. The issuer is a core entity to its parent, Nordea Bank Abp (AA-/Stable/A-1+), and we derive the starting point of our analysis from the long-term issuer-credit rating (ICR) on the parent. S&P Global Ratings' stable outlook
