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 protects the ratings on the covered bonds if we lowered the ratings on Santander UK by one notch. The issuer's commitment to maintain a level of credit enhancement commensurate with the current rating, via the asset coverage test. The cover pool is concentrated in London and South East England, exposing the transaction to price fluctuations in these areas. 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 unused notch of collateral-based uplift, meaning that we would not automatically lower our
