The issuer rating of A- with stable outlook combined with governance support and the strength of the cover pool results in the highest achievable ratings for the covered bonds. Soft-bullets and overcollateralisation reduce maturity mismatch risks.

The A- issuer rating combined with governance and cover pool support results in highest ratings. The low-LTV cover assets are resilient to high stresses. Soft-bullet profile and overcollateralsiation reduce risks from maturity mismatches.

The A- issuer rating combined with fundamental and cover pool support results in the highest possible rating. The low-LTV cover assets are resilient to high stresses. The soft-bullet profile and overcollateralisation reduce risks from maturity mismatches.

The A- issuer rating combined with fundamental credit and cover pool support results in the highest achievable ratings for the bonds. The domestic, residential, low-LTV cover pool is resilient to high stresses, but maturity mismatches persist.

The covered bond rating reflects sound issuer credit quality and unchanged cover pool support. Residential, low-LTV and fully domestic cover pool is resilient to high credit stresses. Maturity mismatches have decreased but remain material.