The cover pool assets are loans secured by residential mortgages diversified across Italy. There is a commitment to maintain a minimum level of overcollateralization and the notes are extendible for 12 months. The available credit enhancement exceeds our required credit enhancement for the maximum achievable rating. The exposure to refinancing risk limits the covered bonds' ratings to no more than four notches above our unsolicited long-term sovereign rating on Italy (BBB/Stable/A-2). S&P Global Ratings' stable outlook on the mortgage covered bonds ("Obbligazioni Bancarie Garantite"; [OBGs]) issued under Italy-based UniCredit SpA's (BBB/Stable/A-2) mortgage covered bonds program reflects its outlook on Italy. Therefore, a change to our ratings on Italy may result in a similar rating action on the covered bonds, all
