Available credit enhancement that well exceeds the target credit enhancement at the current rating level. 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 public sector covered bonds ("Oeffentliche Pfandbriefe") is stable. The outlook reflects the rating cushion of one unused notch of collateral-based support, which would protect the ratings on the covered bonds if we were to lower the long-term issuer credit rating (ICR) on UniCredit Bank (BBB+/Developing/A-2) by one
