Sustained profit retention, very high asset quality, excellent access to capital markets and ECB facilities, a very strong mandate and highly rated shareholders support the rating. High leverage is the key challenge.

Sustained profit retention, very high asset quality, excellent access to capital markets and ECB facilities, a very strong mandate and highly rated shareholders support the rating. High leverage is the key challenge.

Continuous retained profits, very high asset quality, excellent access to capital markets and ECB facilities, a very strong mandate and highly rated shareholders support the rating; relatively high leverage is the key challenge.

Highly rated shareholders, large liquidity buffers, excellent access to capital markets, strong asset quality and retained profits support the rating; risks include high leverage, higher-risk exposures and a concentrated shareholder base.