Available credit enhancement that well exceeds the target credit enhancement at the current rating level. Very strong jurisdictional support for covered bonds in Germany. Relatively strong credit quality of public sector assets in the cover pool. Relatively well-matched asset and liability maturity profiles. Issuer ensures coverage of 180 days of liquidity needs at all times as required by the legal framework. High single-obligor concentration compared with peers. No commitment to maintain the level of overcollateralization. Commingling risk is not addressed structurally or legislatively, but mitigated through overcollateralization. Standard&Poor's Ratings Services' outlook on the ratings on Germany-based UniCredit Bank AG's public sector covered bonds (Oeffentliche Pfandbriefe) is negative. This reflects the outlook on our long-term rating on the issuer
