The cover pool comprises loans with low loan-to-value (LTV) ratios. The program benefits from a public commitment to maintain a level of overcollateralization that is consistent with the rating. Liquidity risk is mitigated by the soft-bullet repayment profile of the bonds. The cover pool's relatively low weighted-average seasoning compared with other Finnish covered bond issuers we rate. About 66% of the pool comprises housing associations, which we view as a higher risk to the program's creditworthiness than residential mortgages. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds issued by The Mortgage Society of Finland ("Suomen Hypoteekkiyhdistys", or Hypo) reflects the stable outlook on its long-term issuer credit rating (ICR, BBB/Stable/A-2). This means that if we
