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 risk in this program. Highly seasoned residential and commercial loans with stable loan-to-value (LTV) ratios. The cover 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. We derive the starting point of our analysis on the covered bond program 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
