The cover pool assets are loans secured by residential mortgages diversified across Italy. There is committed overcollateralization and a soft bullet extendible maturity on the notes. The available credit enhancement exceeds our target credit enhancement for the maximum collateral-based uplift. Moderate asset sensitivity to country risk, which limits the covered bonds ratings to no more than four notches above our unsolicited long-term sovereign rating on Italy. 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-3) Obbligazioni Bancarie Garantite Programme 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 else being equal. This transaction
