The cover pool comprises loans with low loan-to-value (LTV) ratios. The program benefits from one unused notch of uplift. The program benefits from a public commitment to maintain a level of overcollateralization that is consistent with the rating. Furthermore, liquidity risk is covered through the soft-bullet repayment profile of the bonds. High asset-liability mismatch in the covered bond program, altough improved since our last analysis. The structure benefits from interest rate swaps, but we do not give credit to them in our analysis because they do not comply with our counterparty criteria. Around 57% of the pool comprises housing associations, which we view as a higher risk to the program's creditworthiness than residential mortgages. The stable outlook reflects the fact
