Available credit enhancement that well exceeds the target credit enhancement at the current rating level. Very strong jurisdictional support for covered bonds in Germany. Strong credit quality of public sector assets in the cover pool as reflected in a weighted-average cover pool rating of 'A-'. Well-matched asset and liability maturity profiles. Absence of commitment for specific overcollateralization level. Commingling risk is not addressed structurally or legislatively, but mitigated through overcollateralization. S&P Global Ratings' outlook on the ratings on Germany-based UniCredit Bank AG's (UniCredit Bank) public sector covered bonds (Oeffentliche Pfandbriefe) is negative. UniCredit Bank is currently on CreditWatch positive (see "Various German Banks' Snr Unsecured Debt Lowered/Affirmed After Notes Review; Off Watch; Four Banks Remain On Watch," published on Feb.
