The cover pool supporting the covered bonds consists of U.K. prime residential loans. The unused notch of uplift protects the covered bonds ratings if we lowered the ratings on the issuer by one notch. The issuer's commitment to maintain a level of credit enhancement commensurate with the current rating, via the asset coverage test (ACT). The cover pool is concentrated in London and Southeast England, exposing the transaction to price fluctuations there. 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 ratings on the covered bonds if we were to downgrade
