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. Most of the mortgage loans in the cover pool are backed by jumbo valuations (88.4% 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) soft bullet covered bonds reflects that the ratings on the covered bonds benefit from two unused notches of support under our covered bonds criteria. This
