We assigned our 'AAA' ratings to the mortgage soft-bullet covered bond program and first issuance of Dutch-based Van Lanschot Kempen N.V. Our ratings reflect our review of the program under our covered bonds criteria and the fact that available credit enhancement exceeds the required credit enhancement for a 'AAA' rating. The stable outlook reflects that we expect the program to benefit from two unused notches of rating uplift. MADRID (S&P Global Ratings) June 27, 2022--S&P Global Ratings today assigned its 'AAA' credit ratings to the soft-bullet covered bond program and inaugural issuance from Van Lanschot Kempen N.V. Our covered bond ratings process follows the methodology and assumptions outlined in "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond
