Credit quality below the average of domestic peers, and average compared to other rated European mortgage covered bonds. Low market 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. Willingness of the issuer to manage the transaction's credit risks. Relatively high percentage of commercial portfolio including agricultural assets. The assets in the cover pool are mortgage loans for residential and commercial properties located in Denmark and a reserve fund consisting of substitute assets; currently, these are covered bonds from Nordea Capital Centre 2. The stable outlook reflects that we would not automatically lower the ratings on Nordea Kredit Realkredit A/S's covered bonds
