The structure's soft-bullet extendible maturities mitigate liquidity risk. The committed credit enhancement exceeds the credit enhancement needed at a 'AAA' rating level. The cover pool comprises highly seasoned residential mortgage loans. The structure does not benefit from an interest rate swap. We considered this risk in our cash flow analysis. Cash belonging to the special-purpose entity (SPE) is mixed with cash belonging to the issuer and could be lost if Van Lanschot Kempen becomes insolvent. Most of the mortgage loans in the cover pool are backed by jumbo valuations (95.3% of the cover pool balance), which we considered in our loss severity assessment. S&P Global Ratings' stable outlook on the 'AAA' ratings on Van Lanschot Kempen N.V.'s (Van Lanschot Kempen)
