Available credit enhancement that well exceeds the target credit enhancement at the current rating level. "Low" asset-liability mismatch (ALMM) risk. Credit exposure focused on highly rated obligors in Germany. Commingling and bank account risk that is not addressed either structurally or by the German legal framework. Standard&Poor's Ratings Services' stable outlook on the public-sector covered bonds (Öffentliche Pfandbriefe) of Germany-based UniCredit Bank AG (UniCredit Bank, A-/Negative/A-2) reflects our opinion that adverse movements in our counterparty credit rating on UniCredit Bank or in the asset-liability mismatch (ALMM) measure would not automatically result in a change to the rating on the covered bonds. It also incorporates our expectation that the covered bond program will maintain credit enhancement at least commensurate
