The cover pool backing the covered bonds is made up of U.K. prime residential loans. The available credit enhancement exceeds the credit enhancement required at the current rating level. The current ratings incorporate unused notches of uplift, meaning we would not automatically lower the ratings on the covered bonds if we lowered the ratings on Santander UK or the U.K. The issuer has committed to maintain a level of assets in the cover pool that is commensurate with the current rating. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds issued by the Santander UK PLC Global Covered Bond Program reflects the fact that we would not automatically lower our ratings on the covered bonds if
