The composition of the cover pool backing the covered bonds, which is made of U.K. prime residential loans. The unused notch of uplift, which means we would not automatically lower the ratings on the covered bonds if we lowered the ratings on Santander UK by one notch The issuer's commitment to a minimum level of assets in the cover pool that is commensurate with the current rating, via the asset coverage test. The structure of the asset swap, which we don't give credit to in our cash flow analysis given that it doesn't support the program's rating. The high concentration displayed by the cover pool assets in London and the South-East, meaning that the transaction is exposed to price fluctuations
