Global Covered Bond Characteristics And ... - Standard & Poor's

Global Covered Bond Characteristics
And Rating Summary Q4 2011
Primary Credit Analyst:
Bjoern Schurich, Frankfurt (49) 69-33-999-237; Bjoern_Schurich@standardandpoors.com
Secondary Contact:
Sabrina Miehs, Frankfurt (49) 69-33-999-304; sabrina_miehs@standardandpoors.com
Analytical Manager:
Karlo Fuchs, Frankfurt (49) 69-33-999-156; karlo_fuchs@standardandpoors.com
Sean Hannigan, London (44) 20-7176-3783; sean_hannigan@standardandpoors.com
Nicolas Malaterre, Paris (33) 1-4420-7324; nicolas_malaterre@standardandpoors.com
Global Analytical Manager Covered Bonds:
Karen Naylor, London (44) 20-7176-3533; karen_naylor@standardandpoors.com
Table Of Contents
Global Covered Bonds Core Characteristics And Risk Indicators Data
Our Five-Step Approach To Rating Covered Bonds
Glossary Of Definitions
Related Criteria And Research
January 24, 2012
www.standardandpoors.com/ratingsdirect 1
933241 | 301860146

Global Covered Bond Characteristics And
Rating Summary Q4 2011
(Editor's Note: Since we originally published this report on Jan. 24, 2012, we have republished it to correct an
error. In table 1, we misstated the current rating on Societe Generale SCF's covered bonds. A corrected version
follows.)
This article provides Standard & Poor's Ratings Services' assessment of the characteristics of the listed covered bond
programs that contribute to its rating opinion.
We currently rate:
• 96 covered bonds, the ratings on which are linked to the issuer (that is, covered bonds that have or can have
asset-liability mismatches); and
• 60 covered bonds, the ratings on which are not linked to the issuer. These covered bonds encompass 55 Spanish
Multi-Cédulas transactions, the Cassa Depositi e Prestiti SpA's covered bond program, and the global covered
bond programs of the Bank of Scotland PLC (£15 billion), Clydesdale Bank PLC Global Covered Bond Program,
Barclays Bank PLC (£3.054 billion), and BPCE Home Loans FCT.
This article focuses only on covered bonds that have or may have an asset-liability mismatch (ALMM), that is,
because the rating is linked to the issuer credit rating (ICR) on the issuer. We have not included in this article
covered bonds that we rate independently of the ICR on the issuer. (Listen to the related podcast, "Covered Bonds:
Not All Are Created Equal," published Aug. 3, 2011.)
Some core characteristics and risk indicators that we regularly assess in our analysis include the prevailing ALMM
risk, the program's categorization, and the ICR on the issuing bank (see tables 1–7).
Tables 2 and 3 include covered bonds where the majority of the assets are residential and/or commercial mortgage
loans. Tables 4 and 5 include covered bonds where the majority of the assets are public-sector covered bonds. Tables
6 and 7 include covered bonds that have a considerable portion of both mortgage and public-sector assets. The risk
indicators in tables 2–5 only refer to the sub-pool of assets that makes up the majority of the assets.
Our ratings on covered bonds issued globally are based predominantly on our criteria article "Revised Methodology
And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds," published Dec. 16, 2009 (see
also "Credit FAQ: Standard & Poor's Explains Update To Criteria For Assessing Asset-Liability Mismatch Risk In
Covered Bonds," published Dec. 17, 2009). We provide a summary of our five-step approach below (see "Our
Five-Step Approach To Rating Covered Bonds").
Our criteria reflect our belief that covered bonds that exhibit maturity mismatches between the underlying assets
and the covered bond liabilities should be linked to the ICR on the issuer. Only if a covered bond can be isolated
from that risk can we rate the covered bonds independently of the issuer.
When a covered bond program is exposed to ALMM risk, the maximum potential uplift the covered bond rating
can achieve above the ICR is seven notches, under our criteria. Therefore, this approach would only result in the
assignment of 'AAA' ratings to covered bonds of highly rated issuers, if we believe the program has sufficient credit
enhancement (typically from overcollateralization) to cover all relevant risks--in particular, market value risk arising
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 2
933241 | 301860146

from the ALMM.
Global Covered Bonds Core Characteristics And Risk Indicators Data
The ratings shown in table 1 are current as of Jan. 23, 2012. The core characteristics and risk indicators shown in
tables 1–7 are based on the data as of the respective reporting date (see "Glossary Of Definitions" for further
information).
Standard & Poor's conducts its covered bond rating analysis based on various credit and cash flow assumptions.
Such assumptions are current as of our review date of the covered bond ratings. Data comparison between two
covered bond programs as of the same reporting date may be distorted depending on the point in time of the data
review, regardless of the reporting date.
All figures in this article can be subject to analytical adjustments made by Standard & Poor's and therefore do not
necessarily equal publicly available information of the respective covered bond program. For example, available
credit enhancement figures may differ due to value adjustments for swaps, zero bonds, or repo assets made by
Standard & Poor's.
We expect to publish this report on a regular basis to illustrate the performance and development of these core
characteristics and risk indicators over time.
We have not included in this article covered bonds that have not provided sufficient information to us in a timely
manner.
Clicking on the "view expanded table" tab provides further information for each of the covered bond programs,
such as the current uplift above the ICR, the weighted-average time to recovery, and the amount of outstanding
assets and liabilities. The "view expanded table" tab also gives access to previous data.
Table 1
Global Covered Bond Characteristics And Rating Summary
Issuer/CB program
Canadian Imperial Bank of
Commerce Global Public Sector
Covered Bond Programme
Royal Bank of Canada Global
Covered Bond Programme
Current
CB type
Country
of
issuer
Current
ALMM
risk
Current
program
category
Current
max
potential
uplift
(notches)§
Current
unused
uplift
(notches)§ Current ICR*
SCB CA Low 2 6 2 A+/Stable/A-1 (Canadian Imperial
Bank of Commerce)
SCB CA Low 2 6 3 AA-/Stable/A-1+ (Royal Bank of
Canada)
DekaBank Deutsche Girozentrale LCB/OPF DE Low 1 7 2 A/Stable/A-1 (DekaBank
Deutsche Girozentrale)
Deutsche Apotheker- und
Aerztebank eG
LCB/HPF DE Low 1 7 4 AA-/Stable/A-1+ (Deutsche
Apotheker- und Aerztebank eG)
Deutsche Bank AG LCB/HYPF DE Low 1 7 3 A+/Watch Neg/A-1 (Deutsche
Bank AG)
Deutsche
Genossenschafts-Hypothekenbank
AG
Global Covered Bond Characteristics And Rating Summary Q4 2011
LCB/HYPF DE Low 1 7 3 A+/Stable/A-1 (Deutsche
Genossenschafts-Hypothekenbank
AG)
www.standardandpoors.com/ratingsdirect 3
933241 | 301860146
Current CB
rating
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/-

Table 1
Global Covered Bond Characteristics And Rating Summary (cont.)
Deutsche
Genossenschafts-Hypothekenbank
AG
LCB/OPF DE Low 1 7 3 A+/Stable/A-1 (Deutsche
Genossenschafts-Hypothekenbank
AG)
Deutsche Pfandbriefbank AG LCB/HPF DE Low 1 7 0 BBB/Stable/A-2 (Deutsche
Pfandbriefbank AG)
Deutsche Pfandbriefbank AG LCB/OPF DE Low 1 7 0 BBB/Stable/A-2 (Deutsche
Pfandbriefbank AG)
Deutsche Postbank AG LCB/HYPF DE Low 1 7 2 A/Watch Neg/A-1 (Deutsche
Postbank AG)
Deutsche Postbank AG LCB/OPF DE High 1 5 0 A/Watch Neg/A-1 (Deutsche
Postbank AG)
Deutsche Postbank AG (DSL) LCB/DSL
Briefe
Dexia Kommunalbank
Deutschland AG
DZ BANK AG Deutsche
Zentral-Genossenschaftsbank
DE Moderate 1 6 1 A/Watch Neg/A-1 (Deutsche
Postbank AG)
LCB/OPF DE Low 1 7 0 BBB+/Watch Neg/A-2 (Dexia
Credit Local)
LCB/OPF DE Low 1 7 4 AA-/Stable/A-1+ (DZ BANK AG
Deutsche Zentral-
Genossenschaftsbank)
AAA/Stable/--
AA+/Stable/--
AA+/Stable/--
AAA/Stable/--
AAA/Watch
Neg/--
AAA/Stable/--
AAA/Watch
Neg/--
AAA/Stable/--
Eurohypo AG LCB/HYPF DE Low 1 7 1 A-/Watch Neg/A-2 (Eurohypo AG) AAA/Stable/--
Eurohypo AG LCB/OPF DE Moderate 1 6 0 A-/Watch Neg/A-2 (Eurohypo AG) AAA/Watch
Neg/--
Landesbank Hessen-Thueringen
Girozentrale
LCB/OPF DE Low 1 7 2 A/Stable/A-1 (Landesbank
Hessen- Thueringen Girozentrale)
AAA/Stable/--
NRW.BANK LCB/OPF DE Low 1 7 4 AA-/Stable/A-1+ (NRW.BANK) AAA/Stable/--
UniCredit Bank AG LCB/OPF DE Low 1 7 2 A/Watch Neg/A-1 (UniCredit Bank
AG)
Westdeutsche ImmobilienBank LCB/HPF DE Low 1 7 0 BBB-/Negative/A-3
(Westdeutsche ImmobilienBank)
Westdeutsche ImmobilienBank LCB/OPF DE Low 1 7 0 BBB-/Negative/A-3
(Westdeutsche ImmobilienBank)
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
LCB/HYPF DE Low 1 7 4 AA-/Stable/A-1+ (WL BANK AG
Westfaelische Landschaft
Bodenkreditbank)
LCB/OPF DE Low 1 7 4 AA-/Stable/A-1+ (WL BANK AG
Westfaelische Landschaft
Bodenkreditbank)
AAA/Stable/--
AA/Negative/--
AA/Negative/--
AAA/Stable/--
AAA/Stable/--
BRFkredit A/S - Capital Center B LCB/RO DK Low 1 7 1 A-/Stable/A-2 (BRFkredit A/S) AAA/Stable/A-1+
BRFkredit A/S - Capital Center E LCB/SDO DK Low 1 7 1 A-/Stable/A-2 (BRFkredit A/S) AAA/Stable/A-1+
Danske Bank A/S - Pool C LCB/SDO DK Low 1 7 2 A/Negative/A-1 (Danske Bank
A/S)
Danske Bank A/S - Pool D LCB/SDO DK Moderate 1 6 1 A/Negative/A-1 (Danske Bank
A/S)
Danske Bank A/S - Pool I LCB/SDO DK Low 1 7 2 A/Negative/A-1 (Danske Bank
A/S)
Nordea Kredit Realkredit A/S -
Capital Center 1
Nordea Kredit Realkredit A/S -
Capital Center 2
Nykredit Realkredit A/S - Capital
Center C
Nykredit Realkredit A/S - Capital
Center D
Global Covered Bond Characteristics And Rating Summary Q4 2011
LCB/RO DK Low 1 7 4 AA-/Stable/A-1+ (Nordea Bank
Danmark A/S)
LCB/SDRO DK Low 1 7 4 AA-/Stable/A-1+ (Nordea Bank
Danmark A/S)
LCB/RO DK Low 1 7 3 A+/Stable/A-1 (Nykredit
Realkredit A/S)
LCB/RO DK Low 1 7 3 A+/Stable/A-1 (Nykredit
Realkredit A/S)
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 4
933241 | 301860146
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--

Table 1
Global Covered Bond Characteristics And Rating Summary (cont.)
Nykredit Realkredit A/S - Capital
Center E
Nykredit Realkredit A/S - Capital
Center General
Nykredit Realkredit A/S - Capital
Center H
Realkredit Danmark A/S - Capital
Center S
Realkredit Danmark A/S - Capital
Center T
Realkredit Danmark A/S - General
Capital Center
LCB/SDO DK Low 1 7 3 A+/Stable/A-1 (Nykredit
Realkredit A/S)
LCB/RO DK Low 1 7 3 A+/Stable/A-1 (Nykredit
Realkredit A/S)
LCB/SDO DK Low 1 7 3 A+/Stable/A-1 (Nykredit
Realkredit A/S)
LCB/SDRO DK Low 1 7 2 A/Negative/A-1 (Danske Bank
A/S)
LCB/SDRO DK Low 1 7 2 A/Negative/A-1 (Danske Bank
A/S)
LCB/RO DK Low 1 7 2 A/Negative/A-1 (Danske Bank
A/S)
Totalkredit A/S - Capital Center C LCB/RO DK Low 1 7 3 A+/Stable/A-1 (Nykredit
Realkredit A/S)
Banca Civica S.A. LCB/CH ES Low 1 7 0 BBB/Negative/A-2 (Banca Civica
S.A.)
Banca Civica S.A. LCB/CT ES High 1 5 1 BBB/Negative/A-2 (Banca Civica
S.A.)
Banco Bilbao Vizcaya Argentaria
S.A.
LCB/CT ES Moderate 1 6 4 A+/Watch Neg/A-1 (Banco Bilbao
Vizcaya Argentaria S.A.)
Banco Popular Espanol S.A. LCB/CH ES Moderate 1 6 0 BBB+/Watch Neg/A-2 (Banco
Popular Espanol S.A.)
AAA/Stable/--
AAA/Stable/--
AAA/Stable/A-1+
AAA/Stable/--
AAA/Stable/A-1+
AAA/Stable/--
AAA/Stable/--
AA+/Negative/--
A+/Negative/--
AA/Watch Neg/--
AA+/Watch
Neg/--
Barclays Bank S.A. LCB/CH ES Low 1 7 2 A/Stable/A-1 (Barclays Bank S.A.) AAA/Stable/--
CaixaBank S.A. LCB/CH ES Low 1 7 2 A/Watch Neg/A-1 (CaixaBank
S.A.)
Caja de Ahorros y Monte de
Piedad de Gipuzkoa y San
Sebastian (Kutxa)
LCB/CH ES Low 1 7 0 BBB+/Watch Neg/A-2 (Caja de
Ahorros y Monte de Piedad de
Gipuzkoa y San Sebastian (Kutxa))
Ibercaja Banco S.A.** LCB/CH ES Low 1 7 0 BBB+/Watch Neg/A-2 (Ibercaja
Banco S.A.**)
OP Mortgage Bank (first program
2007)
OP Mortgage Bank (second
program 2011)
Banques Populaires Covered
Bonds Programme
LCB/FCB FI Moderate 2 5 2 AA-/Stable/A-1+ (Pohjola Bank
PLC)
LCB/FCB FI Low 2 6 3 AA-/Stable/A-1+ (Pohjola Bank
PLC)
AAA/Stable/--
AAA/Watch
Neg/--
AAA/Watch
Neg/--
AAA/Stable/--
AAA/Stable/--
SCB FR Low 2 6 2 A+/Watch Neg/A-1 (BPCE) AAA/Stable/--
BNP Paribas Home Loan SFH LCB/OFH FR Low 2 6 3 AA-/Watch Neg/A-1+ (BNP
Paribas)
BNP Paribas Public Sector SCF LCB/OF FR Low 1 7 4 AA-/Watch Neg/A-1+ (BNP
Paribas)
AAA/Stable/--
AAA/Stable/--
BPCE SFH LCB/OFH FR Low 1 7 3 A+/Watch Neg/A-1 (BPCE) AAA/Stable/--
Compagnie de Financement
Foncier
Credit Agricole Home Loan SFH
Covered Bond Program
Credit Foncier et Communal
d'Alsace et de Lorraine - Societe
de Credit Foncier
Credit Mutuel Arkea Home Loans
SFH
Credit Mutuel Arkea Public Sector
SCF
Global Covered Bond Characteristics And Rating Summary Q4 2011
LCB/OF FR Low 1 7 2 A/Watch Neg/A-1 (Credit Foncier
de France)
LCB/OFH FR Low 2 6 2 A+/Watch Neg/A-1 (Credit
Agricole S.A.)
LCB/OF FR N/A 1 N/A N/A A/Stable/A-1 (Credit Foncier et
Communal d'Alsace et de
Lorraine-Banque)
LCB/OFH FR Low 2 6 2 A+/Stable/A-1 (Credit Mutuel
Arkea)
LCB FR Low 1 7 3 A+/Stable/A-1 (Credit Mutuel
Arkea)
www.standardandpoors.com/ratingsdirect 5
933241 | 301860146
AAA/Stable/--
AAA/Stable/--
A+/Stable/--
AAA/Stable/--
AAA/Watch
Neg/-

Table 1
Global Covered Bond Characteristics And Rating Summary (cont.)
Credit Mutuel-CIC Home Loan SFH LCB/OFH FR Low 2 6 2 A+/Stable/A-1 (Banque Federative
du Credit Mutuel)
Dexia Municipal Agency LCB/OF FR Low 1 7 0 BBB+/Watch Neg/A-2 (Dexia
Credit Local)
AAA/Stable/--
AAA/Watch
Neg/--
GCE Covered Bonds Programme SCB FR High 2 4 0 A+/Watch Neg/A-1 (BPCE) AAA/Stable/--
GE SCF S.C.A LCB/OF FR Low 1 7 6 AA+/Stable/A-1+ (General Electric
Capital Corp.)
AAA/Stable/--
HSBC SFH (France) LCB/OFH FR Low 2 6 3 AA-/Stable/A-1+ (HSBC France) AAA/Stable/--
Societe Generale SCF LCB/OF FR Low 1 7 3 A+/Watch Neg/A-1 (Societe
Generale)
AIB Mortgage Bank LCB/MCS IE Low 2 6 0 BB/Negative/B (Allied Irish Banks
PLC)
AAA/Watch
Neg/--
A/Negative/--
Depfa ACS Bank LCB/ACS IE Low 2 6 0 BBB/Stable/A-2 (Depfa ACS) AA/Watch Neg/--
Mediobanca SpA SCB IT High 2 4 0 A/Watch Neg/A-1 (Mediobanca
SpA)
UniCredit SpA Obbligazioni
Bancarie Garantite Programme
A/Watch Neg/--
SCB IT Low 2 6 1 A/Watch Neg/A-1 (Unicredit SpA) AAA/Watch
Neg/--
Dexia LdG Banque S.A.*** LCB/LGP LU Low 2 6 0 A-/Watch Dev/A-2 (Dexia Banque
Internationale a Luxembourg)
Erste Europaeische Pfandbriefund
Kommunalkreditbank AG
EUROHYPO Europaeische
Hypothekenbank S.A.
Hypo Pfandbrief Bank
International S.A.
NORD/LB COVERED FINANCE
BANK S.A.
ABN AMRO Bank N.V. Covered
Bond Programme
AAA/Watch
Neg/--
LCB/LGP LU Low 2 6 N/A NR AA+/Watch
Dev/--
LCB/LGP LU Low 2 6 0 A-/Watch Neg/A-2 (EUROHYPO
Europaeische Hypothekenbank
S.A.)
LCB/LGP LU Moderate 2 5 0 BBB/Stable/A-2 (Hypo Pfandbrief
Bank International S.A.)
LCB/LGP LU Low 2 6 0 BBB+/Stable/A-2 (NORD/LB
COVERED FINANCE BANK S.A.)
SCB NL Low 2 6 2 A+/Negative/A-1 (ABN AMRO
Bank N.V.)
AAA/Watch
Neg/--
AA-/Stable
AA+/Stable/--
AAA/Stable/--
ING Bank N.V. SCB NL Low 2 6 2 A+/Stable/A-1 (ING Bank N.V.) AAA/Stable/--
DNB Boligkreditt AS LCB/OMF NO Low 2 6 2 A+/Stable/A-1 (DNB Bank ASA) AAA/Stable/--
Banco BPI S.A. LCB/OH PT Low 2 6 0 BB+/Watch Neg/B (Banco BPI
S.A.)
Banco BPI S.A. LCB/OSSP PT Low 2 6 0 BB+/Watch Neg/B (Banco BPI
S.A.)
Banco Santander Totta S.A. LCB/OH PT High 2 4 0 BBB-/Watch Neg/A-3 (Banco
Santander Totta S.A.)
AB Sveriges Sakerstallda
Obligationer (The Swedish
Covered Bond Corp.)
LCB/SO SE Low 1 7 3 A+/Stable/A-1 (Sveriges
Bostadsfinansieringsaktiebolag,
SBAB (publ))
A+/Watch Neg/--
BBB-/Watch
Neg/--
A/Watch Neg/--
AAA/Stable/--
Landshypotek AB LCB/SO SE Moderate 1 6 1 A/Stable/A-1 (Landshypotek AB) AAA/Stable/--
Lansforsakringar Hypotek LCB/SO SE Moderate 1 6 1 A/Stable/A-1 (Lansforsakringar
Bank)
Nordea Hypotek AB LCB/SO SE Low 1 7 4 AA-/Stable/A-1+ (Nordea Bank
AB)
Swedbank Mortgage AB LCB/SO SE Low 1 7 3 A+/Stable/A-1 (Swedbank
Mortgage AB)
Abbey National Treasury Services
PLC Global Covered Bond
Programme
Global Covered Bond Characteristics And Rating Summary Q4 2011
SCB UK Low 2 6 3 AA-/Watch Neg/A-1+ (Santander
UK PLC)
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 6
933241 | 301860146
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--

Table 1
Global Covered Bond Characteristics And Rating Summary (cont.)
Bank of Ireland Covered Bond
Program (The Governor and
Company of the Bank of Ireland
Global Covered Bond Programme)
Bank of Scotland PLC Covered
Bond Programme
Bank of Scotland plc Social
Housing Covered Bond
Programme
Barclays Bank PLC Global Covered
Bond Programme
Bradford & Bingley PLC Covered
Bond Programme
Lloyds TSB Bank PLC GBP30
billion Global Covered Bond
programme guaranteed by Lloyds
TSB Secured Finance LLP
Nationwide Building Society
Global Covered Bond Programme
Northern Rock (Asset
Management) PLC Global Covered
Bond Programme
SCB UK High 2 4 0 BB+/Negative/B (Bank of Ireland) A-/Watch Neg/--
SCB UK Low 2 6 1 A/Stable/A-1 (Bank of Scotland
PLC)
SCB UK Low 2 6 1 A/Stable/A-1 (Bank of Scotland
PLC)
SCB UK Low 2 6 2 A+/Stable/A-1 (Barclays Bank
PLC)
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
SCB UK Low 2 6 N/A --/--/A-1 (Bradford & Bingley PLC) AAA/Negative/--
SCB UK Low 2 6 1 A/Stable/A-1 (Lloyds TSB Bank
PLC)
SCB UK Low 2 6 2 A+/Stable/A-1 (Nationwide
Building Society)
SCB UK Low 2 6 1 A/Stable/A-1 (Northern Rock
(Asset Management) PLC)
BA Covered Bond Issuer SCB US Moderate 3 4 0 A/Negative/A-1 (Bank of America
N.A.)
WM Covered Bond Program SCB US Moderate 3 4 0 A+/Stable/A-1 (JPMorgan Chase
Bank N.A.)
AAA/Stable/--
AAA/Stable/--
AAA/Stable/--
AA/Negative/--
AA/Negative/--
***This program is currently under review; the covered bond rating will be updated in line with the CreditWatch resolution. **Covered bond program formerly "Caja de Ahorros y Monte
de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)". §These figures do not take into account the maximum rating differential between the sovereign and the covered bond program in the
EMU (see "Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions", published June 14, 2011); also, if Target CE is higher than Actual CE, this figure is
set "0". *Where the issuer is a special-purpose entity, we apply an ICR as described in paragraph 55 of the updated criteria. ACS--Asset covered securities. ALMM--Asset-liability
mismatch. CB--Covered bond. CH--Cédulas Hipotecarias. CT--Cédulas Territoriales. FCB--Finnish covered bonds. HYPF--Hypothekenpfandbriefe. LGP--Lettres de Gage Publiques. ICR--Issuer
credit rating. LCB--Legislation-enabled covered bond. MCS--Mortgage covered securities. N/A--Not available; not applicable. NR--Not rated. OF--Obligations foncieres. OFH--Obligation de
Financement de l'Habitat. OH--Obrigacoes hipotecarias. OMF--Obligasjoner Med Fortrinnsrett. OPF--Oeffentlicher Pfandbrief. OSSP--Obrigacoes sobre o Sector Público.
RO--Realkreditobligationer. SCB--Structured covered bond. SDO--Særligt Dækkede Obligationer. SDRO--Særligt Dækkede Realkreditobligationer. SO--Säkerställda Obligationer.
Table 2
Mortgage Covered Bond Characteristics (Credit Risk)
Issuer/CB program
Canadian Imperial Bank of
Commerce Global Public Sector
Covered Bond Programme*
Royal Bank of Canada Global
Covered Bond Programme*
Deutsche Apotheker- und Aerztebank
eG
Country
of
issuer
Reporting
date
Resi
(%)
Com
(%)
Pub
(%)
Other
(%)
WAFF
(%)
WALS
(%)
WAFFxWALS
(%)
WA
whole
loan
LTV
(%)
Asset
default
risk (%)
CA Sep. 2011 92 0 0 8 23.58 2.00 0.47 59.39 5.37
CA Oct. 2011 100 0 0 0 12.29 12.72 1.56 69.90 5.72
DE Jun. 2011 91 4 0 6 25.30 5.87 1.49 72.16 7.47
Deutsche Bank AG DE Sep. 2011 22 76 0 2 43.00 8.92 3.84 87.97 13.87
Deutsche
Genossenschafts-Hypothekenbank
AG
Global Covered Bond Characteristics And Rating Summary Q4 2011
DE Sep. 2011 44 54 0 3 21.53 16.79 3.61 56.23 3.28
Deutsche Pfandbriefbank AG DE Sep. 2011 1 91 0 8 42.47 27.46 11.66 67.59 17.49
Deutsche Postbank AG DE Jun. 2011 94 0 0 6 21.39 2.00 0.43 87.75 2.50
www.standardandpoors.com/ratingsdirect 7
933241 | 301860146

Table 2
Mortgage Covered Bond Characteristics (Credit Risk) (cont.)
Eurohypo AG DE Nov. 2011 24 74 0 2 33.00 24.76 8.17 68.14 13.91
Westdeutsche ImmobilienBank DE Sep. 2011 31 64 0 4 23.85 17.99 4.29 57.64 11.98
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
DE Sep. 2011 W/H W/H 0 7 21.26 22.20 4.72 61.62 5.52
BRFkredit A/S - Capital Center B DK Sep. 2011 46 46 0 8 21.57 33.08 7.14 66.63 6.60
BRFkredit A/S - Capital Center E DK Sep. 2011 55 35 0 10 22.85 39.44 9.01 75.08 7.76
Danske Bank A/S - Pool C DK Nov. 2011 0 100 0 0 29.17 23.02 6.71 62.61 11.55
Danske Bank A/S - Pool D DK Sep. 2011 100 0 0 0 12.76 33.02 4.21 62.57 2.50
Danske Bank A/S - Pool I DK Jun. 2011 94 0 0 6 15.40 18.47 2.84 60.41 N/A
Nordea Kredit Realkredit A/S -
Capital Center 1
Nordea Kredit Realkredit A/S -
Capital Center 2
Nykredit Realkredit A/S - Capital
Center C
Nykredit Realkredit A/S - Capital
Center D
Nykredit Realkredit A/S - Capital
Center E
Nykredit Realkredit A/S - Capital
Center H
Realkredit Danmark A/S - Capital
Center S
Realkredit Danmark A/S - Capital
Center T
Realkredit Danmark A/S - General
Capital Center
DK Sep. 2011 74 16 0 9 14.59 26.13 3.81 67.43 2.98
DK Jun. 2011 57 27 0 16 24.58 33.23 8.17 72.22 7.17
DK Jun. 2011 58 38 0 5 15.22 12.09 1.84 41.35 2.96
DK Jun. 2011 63 31 0 6 19.10 30.91 5.90 58.40 4.04
DK Jun. 2011 76 18 0 6 17.19 29.29 5.03 65.97 2.63
DK Sep. 2011 60 30 0 10 21.13 33.57 7.09 68.82 4.07
DK Dec. 2011 56 37 0 6 22.29 28.63 6.38 62.92 4.57
DK Dec. 2011 54 39 0 7 22.54 25.40 5.73 62.17 2.50
DK Sep. 2011 61 33 0 6 16.38 25.27 4.14 62.05 3.30
Totalkredit A/S - Capital Center C DK Jun. 2011 97 0 0 3 10.81 12.72 1.38 58.15 2.50
Banca Civica S.A. ES Dec. 2011 60 40 0 0 43.46 43.85 19.06 79.98 66.36
Banco Popular Espanol S.A. ES Sep. 2011 40 60 0 0 45.97 52.08 23.94 79.75 55.38
Barclays Bank S.A. ES Nov. 2011 71 29 0 0 37.20 49.66 18.47 87.79 41.84
CaixaBank S.A. ES Jun. 2011 85 15 0 0 19.10 23.00 4.39 68.41 W/H
Caja de Ahorros y Monte de Piedad
de Gipuzkoa y San Sebastian (Kutxa)
ES Nov. 2011 80 20 0 0 31.26 34.08 10.65 78.94 54.78
Ibercaja Banco S.A.** ES Nov. 2011 69 31 0 0 30.17 27.34 8.25 82.38 43.53
OP Mortgage Bank (first program
2007)
OP Mortgage Bank (second program
2011)
Banques Populaires Covered Bonds
Programme
FI Jun. 2011 100 0 0 0 11.20 2.15 0.24 42.50 5.75
FI Sep. 2011 100 0 0 0 11.24 5.66 0.64 51.45 6.86
FR Aug. 2011 100 0 0 0 14.71 32.96 4.85 68.80 8.56
BNP Paribas Home Loan SFH FR Oct. 2011 100 0 0 0 14.35 30.52 4.38 67.80 9.33
BPCE SFH FR Sep. 2011 100 0 0 0 19.15 34.97 6.70 71.41 14.23
Credit Agricole Home Loan SFH
Covered Bond Program
Credit Foncier et Communal d'Alsace
et de Lorraine - Societe de Credit
Foncier
Global Covered Bond Characteristics And Rating Summary Q4 2011
FR Oct. 2011 100 0 0 0 19.93 21.45 4.27 61.30 8.41
FR Jun. 2011 100 0 1 0 48.57 3.53 1.71 43.52 5.29
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 8
933241 | 301860146

Table 2
Mortgage Covered Bond Characteristics (Credit Risk) (cont.)
Credit Mutuel Arkea Home Loans
SFH
FR Jun. 2011 100 0 0 0 15.02 38.65 5.81 68.83 7.80
Credit Mutuel-CIC Home Loan SFH FR Sep. 2011 100 0 0 0 13.33 28.80 3.84 70.00 7.50
GCE Covered Bonds Programme FR Jul. 2011 100 0 0 0 14.20 13.85 1.97 63.50 7.53
GE SCF S.C.A FR Jul. 2011 100 0 0 0 22.60 28.90 6.53 68.70 6.55
HSBC SFH (France) FR Jun. 2011 100 0 0 0 17.20 36.20 6.23 68.37 10.38
AIB Mortgage Bank IE Sep. 2011 100 0 0 0 38.28 41.51 15.89 101.83 24.13
Mediobanca SpA IT Dec. 2011 100 0 0 0 15.19 6.52 0.99 60.33 43.84
UniCredit SpA Obbligazioni Bancarie
Garantite Programme
ABN AMRO Bank N.V. Covered Bond
Programme
IT Dec. 2011 91 0 0 9 18.21 12.32 2.24 65.94 13.18
NL Dec. 2011 94 0 0 6 17.79 29.50 5.25 88.50 13.69
ING Bank N.V. NL Dec. 2011 100 0 0 0 11.24 20.58 2.31 71.28 12.60
DNB Boligkreditt AS NO Jan. 2012 100 0 0 0 17.57 26.98 4.74 57.65 4.70
Banco BPI S.A. PT Jan. 2012 92 0 0 8 12.21 11.69 1.43 56.80 8.04
Banco Santander Totta S.A. PT Oct. 2011 100 0 0 0 14.50 18.62 2.70 63.15 8.35
AB Sveriges Sakerstallda
Obligationer (The Swedish Covered
Bond Corp.)
SE Jun. 2011 58 34 3 5 21.49 14.74 3.17 57.70 7.70
Landshypotek AB SE Nov. 2011 81 0 0 19 11.80 24.80 2.93 42.60 2.74
Nordea Hypotek AB SE Sep. 2011 71 19 9 1 16.41 10.85 1.78 60.38 13.33
Swedbank Mortgage AB SE Sep. 2011 78 20 2 0 16.69 12.96 2.16 65.23 8.17
Abbey National Treasury Services
PLC Global Covered Bond Programme
Bank of Ireland Covered Bond
Program (The Governor and Company
of the Bank of Ireland Global
Covered Bond Programme)
Bank of Scotland PLC Covered Bond
Programme
Barclays Bank PLC Global Covered
Bond Programme
Bradford & Bingley PLC Covered
Bond Programme
Lloyds TSB Bank PLC GBP30 billion
Global Covered Bond programme
Nationwide Building Society Global
Covered Bond Programme
Northern Rock (Asset Management)
PLC Global Covered Bond Programme
Global Covered Bond Characteristics And Rating Summary Q4 2011
UK Sep. 2011 97 0 0 3 23.21 20.93 4.86 69.71 13.01
UK Nov. 2011 82 0 0 18 31.79 24.97 7.94 77.87 2.97
UK Sep. 2011 89 0 0 11 30.13 23.09 6.96 75.30 16.38
UK Sep. 2011 100 0 0 0 19.63 18.71 3.67 65.71 12.36
UK Nov. 2011 100 0 0 0 36.20 32.14 11.63 85.27 18.57
UK W/H W/H W/H W/H W/H W/H W/H W/H W/H W/H
UK Oct. 2011 99 0 0 1 18.04 14.62 2.64 63.06 12.01
UK Oct. 2011 92 0 0 8 49.44 35.59 17.60 92.44 36.08
BA Covered Bond Issuer US Sep. 2011 100 0 0 0 43.01 48.25 20.75 63.00 7.63
WM Covered Bond Program US Sep. 2011 100 0 0 0 80.51 60.55 48.75 69.00 16.42
*The WA whole-loan LTV ratio reflects the maximum drawable loan amount rather than the current loan balance. **Covered bond program formerly "Caja de Ahorros y
Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)". CB--Covered bond. Com--Commercial assets in cover pool. LCB--Legislation-enabled covered bond.
LTV--Loan-to-value. N/A--Not available. Other--Includes substitute assets and other assets. Pub--Public-sector assets in cover pool. Resi--Residential assets in cover
pool. SCB--Structured covered bond. WA--Weighted-average. WAFF--Weighted-average foreclosure frequency. WALS--Weighted-average loss severity. W/H--Withheld
at issuer's request. Please also see "Glossary Of Definitions."
www.standardandpoors.com/ratingsdirect 9
933241 | 301860146

Table 3
Mortgage Covered Bond Characteristics (ALMM Risk)
Issuer/CB program
Canadian Imperial Bank of
Commerce Global Public Sector
Covered Bond Programme*
Royal Bank of Canada Global
Covered Bond Programme*
Deutsche Apotheker- und
Aerztebank eG
Country
of
issuer
Reporting
date
WAM
assets
(years)
WAM
liabilities
(years)
WAM
assets
minus
WAM
liabilities
(years) Soft-bullet
WA
target
asset
spread
(bps)
ALMM
(%)
Target
CE
nominal
(%)
Actual
CE
nominal
(%)
CA Sep. 2011 2.9 3.2 (0.3) No 279 0.00 7.64 19.57
CA Oct. 2011 2.5 3.8 (1.3) Yes 425 0.00 7.40 106.62
DE Jun. 2011 4.9 4.0 0.9 No 609 0.00 18.19 65.99
Deutsche Bank AG DE Sep. 2011 9.9 5.3 4.7 No 918 0.00 26.17 55.62
Deutsche
Genossenschafts-Hypothekenbank
AG
DE Sep. 2011 4.2 3.6 0.6 No 682 0.00 6.37 14.27
Deutsche Pfandbriefbank AG DE Sep. 2011 4.4 4.3 0.1 No 999 0.73 25.62 43.25
Deutsche Postbank AG DE Jun. 2011 8.2 6.3 1.9 No 425 3.20 10.76 19.73
Eurohypo AG DE Nov. 2011 3.6 4.0 (0.4) No 857 0.00 18.78 25.67
Westdeutsche ImmobilienBank DE Sep. 2011 3.7 4.9 (1.1) No 723 2.26 18.11 23.91
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
DE Sep. 2011 5.6 5.9 (0.4) No 760 0.00 13.74 14.68
BRFkredit A/S - Capital Center B DK Sep. 2011 13.0 13.7 (0.7) No 714 0.00 9.14 9.18
BRFkredit A/S - Capital Center E DK Sep. 2011 14.3 15.8 (1.5) No 595 0.00 10.76 12.54
Danske Bank A/S - Pool C DK Nov. 2011 12.0 6.3 5.8 Mixed 714 0.00 26.32 32.50
Danske Bank A/S - Pool D DK Sep. 2011 16.9 6.4 10.6 Mixed 425 21.69 21.61 23.25
Danske Bank A/S - Pool I DK Jun. 2011 25.5 7.1 18.4 Mixed 425 0.00 18.89 24.22
Nordea Kredit Realkredit A/S -
Capital Center 1
Nordea Kredit Realkredit A/S -
Capital Center 2
Nykredit Realkredit A/S - Capital
Center C
Nykredit Realkredit A/S - Capital
Center D
Nykredit Realkredit A/S - Capital
Center E
Nykredit Realkredit A/S - Capital
Center H
Realkredit Danmark A/S - Capital
Center S
Realkredit Danmark A/S - Capital
Center T
Realkredit Danmark A/S - General
Capital Center
Global Covered Bond Characteristics And Rating Summary Q4 2011
DK Sep. 2011 12.4 13.6 (1.2) No 529 0.00 6.42 10.23
DK Jun. 2011 14.4 16.8 (2.4) No 611 0.00 9.81 18.39
DK Jun. 2011 7.3 7.3 0.0 No 598 0.00 4.69 4.84
DK Jun. 2011 13.2 13.6 (0.4) No 616 0.00 5.04 5.94
DK Jun. 2011 15.1 15.9 (0.7) No 534 0.00 4.04 6.72
DK Sep. 2011 15.3 16.8 (1.5) No 611 0.00 5.36 11.04
DK Dec. 2011 15.5 16.7 (1.2) No 614 0.00 6.81 7.21
DK Dec. 2011 14.8 16.0 (1.2) No 652 0.00 3.60 6.66
DK Sep. 2011 12.5 13.3 (0.8) No 541 0.00 4.99 6.70
Totalkredit A/S - Capital Center C DK Jun. 2011 12.8 13.1 (0.3) No 425 0.00 1.45 2.88
Banca Civica S.A. ES Dec. 2011 19.3 5.2 14.1 No 815 1.00 81.49 134.82
Banco Popular Espanol S.A. ES Sep. 2011 15.4 3.7 11.8 No 879 26.00 79.35 88.79
Barclays Bank S.A. ES Nov. 2011 18.9 6.9 11.9 No 793 0.00 75.88 278.00
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 10
933241 | 301860146

Table 3
Mortgage Covered Bond Characteristics (ALMM Risk) (cont.)
CaixaBank S.A. ES Jun. 2011 24.1 5.1 19.0 No 700 1.00 W/H W/H
Caja de Ahorros y Monte de
Piedad de Gipuzkoa y San
Sebastian (Kutxa)
ES Nov. 2011 21.1 3.1 18.0 No 760 0.00 72.68 169.11
Ibercaja Banco S.A.** ES Nov. 2011 22.2 4.9 17.3 No 700 0.00 89.36 211.87
OP Mortgage Bank (First program
2007)
OP Mortgage Bank (second
program 2011)
Banques Populaires Covered
Bonds Programme
FI Jun. 2011 6.9 3.9 3.0 Yes 425 22.83 14.93 17.00
FI Sep. 2011 8.0 6.9 1.1 Yes 425 0.00 11.33 34.46
FR Aug. 2011 14.0 3.9 10.1 No 425 0.00 25.47 42.80
BNP Paribas Home Loan SFH FR Oct. 2011 15.3 4.6 10.7 No 425 0.00 21.97 33.21
BPCE SFH FR Sep. 2011 15.1 6.4 8.7 No 425 0.00 27.11 81.68
Credit Agricole Home Loan SFH
Covered Bond Program
Credit Foncier et Communal
d'Alsace et de Lorraine - Societe
de Credit Foncier§
Credit Mutuel Arkea Home Loans
SFH
FR Oct. 2011 12.5 5.7 6.9 No 425 0.00 24.60 59.72
FR Jun. 2011 8.8 3.5 5.3 No 666 N/A 5.29 12.42
FR Jun. 2011 13.8 7.8 6.0 No 425 0.00 22.59 31.64
Credit Mutuel-CIC Home Loan SFH FR Sep. 2011 15.4 5.2 10.2 No 425 0.00 36.95 51.82
GCE Covered Bonds Programme FR Jul. 2011 15.9 1.6 14.3 No 425 37.70 33.87 45.99
GE SCF S.C.A FR Jul. 2011 9.0 5.8 3.2 No 507 5.10 15.99 73.56
HSBC SFH (France) FR Jun. 2011 13.9 5.2 8.7 No 498 0.00 18.76 107.08
AIB Mortgage Bank IE Sep. 2011 20.0 3.2 16.8 Yes 868 2.16 53.79 56.66
Mediobanca SpA IT Dec. 2011 16.2 6.0 10.2 Yes 425 69.70 48.34 12.38
UniCredit SpA Obbligazioni
Bancarie Garantite Programme
ABN AMRO Bank N.V. Covered
Bond Programme
IT Dec. 2011 20.7 8.5 12.3 Yes 425 0.00 16.80 31.95
NL Dec. 2011 22.7 6.7 15.9 No 425 0.00 39.18 53.14
ING Bank N.V. NL Dec. 2011 22.9 7.5 15.4 No 425 1.64 45.44 63.42
DNB Boligkreditt AS NO Jan. 2012 13.9 6.3 7.6 Mixed 425 1.26 21.28 28.82
Banco BPI S.A. PT Jan. 2012 13.7 6.6 7.1 Yes 700 2.65 34.79 42.69
Banco Santander Totta S.A. PT Oct. 2011 7.4 3.6 3.8 Yes 700 30.83 29.17 33.56
AB Sveriges Sakerstallda
Obligationer (The Swedish
Covered Bond Corp.)
SE Jun. 2011 13.3 3.1 10.2 No 425 11.32 20.06 23.43
Landshypotek AB SE Nov. 2011 20.9 4.1 16.8 No 425 17.37 17.44 27.12
Nordea Hypotek AB SE Sep. 2011 7.8 2.9 4.9 No 449 13.33 25.29 32.22
Swedbank Mortgage AB SE Sep. 2011 11.1 3.6 7.5 No 425 13.86 19.17 24.49
Abbey National Treasury Services
PLC Global Covered Bond
Programme
Bank of Ireland Covered Bond
Program (The Governor and
Company of the Bank of Ireland
Global Covered Bond Programme)
Bank of Scotland PLC Covered
Bond Programme
Global Covered Bond Characteristics And Rating Summary Q4 2011
UK Sep. 2011 18.7 5.3 13.4 Yes 425 0.00 50.07 82.17
UK Nov. 2011 16.9 3.1 13.8 Yes 630 22.20 42.31 80.34
UK Sep. 2011 17.4 4.7 12.7 No 425 0.00 42.09 52.39
www.standardandpoors.com/ratingsdirect 11
933241 | 301860146

Table 3
Mortgage Covered Bond Characteristics (ALMM Risk) (cont.)
Barclays Bank PLC Global Covered
Bond Programme
Bradford & Bingley PLC Covered
Bond Programme
Lloyds TSB Bank PLC GBP30
billion Global Covered Bond
Programme
Nationwide Building Society
Global Covered Bond Programme
Northern Rock (Asset
Management) PLC Global Covered
Bond Programme
UK Sep. 2011 16.6 7.0 9.6 Mixed 425 0.00 37.55 69.20
UK Nov. 2011 16.6 4.1 12.4 Yes 850 0.00 109.56 254.97
UK W/H W/H W/H W/H W/H W/H W/H W/H W/H
UK Oct. 2011 16.4 7.8 8.6 Yes 425 0.00 49.14 96.14
UK Oct. 2011 18.9 5.8 13.1 Yes 539 0.00 71.02 98.19
BA Covered Bond Issuer US Sep. 2011 26.0 31.4 (5.4) No N/A 28.82 103.71 66.33
WM Covered Bond Program US Sep. 2011 24.8 2.6 22.2 No N/A 15.95 143.70 52.45
*Program documentation currently features a minimum asset percentage of 90%, translating into a maximum possible available credit enhancement of approximately
11.1%. Any excess is not available to covered bond holders following an issuer's insolvency (see "S&P Discusses Some Observations On Canada's Consultation Paper For
A Proposed Legislative Regime For Covered Bonds," published on June 10, 2011). **Covered bond program formerly "Caja de Ahorros y Monte de Piedad de Zaragoza
Aragon y Rioja (IBERCAJA)." §Target CE nominal reflects only asset default risk and not market value risk (see Step 5 of 2009 ALMM criteria). ALMM--Asset liability
mismatch. Bps--Basis points. CB--Covered bond. CE--Credit Enhancement. LCB--Legislation-enabled covered bond. N/A--Not available. SCB--Structured Covered Bond.
WA--Weighted-average. WAM--Weighted-average maturity. W/H--Withheld at issuer's request. Please also refer to table of definitions.
Table 4
Public Covered Bond Characteristics (Credit Risk)
Country of Reporting Resi Com Pub Other SDR WA
Asset
default risk
Issuer/CB program
issuer date (%) (%) (%) (%) (%) rating (%)
DekaBank Deutsche Girozentrale DE Sep. 2011 0 0 94 6 11.92 A+ 2.50
Deutsche Genossenschafts-Hypothekenbank
AG
DE Nov. 2011 0 0 100 0 16.74 A- 2.50
Deutsche Pfandbriefbank AG DE Jun. 2011 0 0 96 4 17.18 A- 2.50
Deutsche Postbank AG (DSL) DE Jun. 2011 0 0 100 0 17.45 A- 2.50
Dexia Kommunalbank Deutschland AG DE Sep. 2011 0 0 100 0 19.98 A- 2.50
DZ BANK AG Deutsche
Zentral-Genossenschaftsbank
DE Jun. 2011 0 0 98 2 W/H AA- 11.64
Eurohypo AG DE Nov. 2011 0 0 94 6 15.82 A- 2.50
Landesbank Hessen-Thueringen Girozentrale DE Oct. 2011 0 0 99 1 21.44 A- 3.79
NRW.BANK DE Sep. 2011 0 0 100 0 27.15 A- 5.42
UniCredit Bank AG DE W/H W/H W/H W/H W/H W/H W/H W/H
Westdeutsche ImmobilienBank DE Sep. 2011 0 0 100 0 27.06 A- 3.18
WL BANK AG Westfaelische Landschaft
Bodenkreditbank
Global Covered Bond Characteristics And Rating Summary Q4 2011
DE Jun. 2011 0 0 99 1 20.40 BBB+ 4.55
Banca Civica S.A. ES Dec. 2011 0 0 100 0 74.21 BB+ 65.87
Banco Bilbao Vizcaya Argentaria S.A. ES Sep. 2011 0 0 100 0 63.64 BB+ 70.33
BNP Paribas Public Sector SCF FR Sep. 2011 0 0 100 0 23.14 N/A 4.37
Credit Mutuel Arkea Public Sector SCF FR Jun. 2011 0 0 100 0 26.94 BBB 6.39
Dexia Municipal Agency FR Sep. 2011 0 0 93 8 20.22 BBB 2.50
Societe Generale SCF FR Jun. 2011 0 0 100 0 24.41 BBB+ 2.50
Depfa ACS Bank IE Jun. 2011 0 0 100 0 15.96 A- 5.23
Dexia LdG Banque S.A. LU Oct. 2011 0 0 94 6 25.29 BB+ 4.05
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 12
933241 | 301860146

Table 4
Public Covered Bond Characteristics (Credit Risk) (cont.)
Erste Europaeische Pfandbrief- und
Kommunalkreditbank AG
EUROHYPO Europaeische Hypothekenbank
S.A.
LU Jun. 2011 0 0 85 15 W/H W/H 2.50
LU Nov. 2011 0 0 85 15 11.27 A 2.50
Hypo Pfandbrief Bank International S.A. LU Jul. 2011 0 0 99 1 23.69 A- 2.50
NORD/LB COVERED FINANCE BANK S.A. LU Sep. 2011 0 0 90 10 17.48 BBB+ 8.08
Banco BPI S.A. PT Jul. 2011 0 0 91 9 100.00 BB 63.05
Bank of Scotland PLC Social Housing Covered
Bond Programme
UK Jul. 2011 0 0 86 14 23.70 A 6.11
CB--Covered bond. Com--Commercial assets in cover pool. LCB--Legislation-enabled covered bond. N/A--Not available. Other--Includes substitute assets and other assets.
Pub--Public-sector assets in cover pool. Resi--Residential assets in cover pool. SCB--Structured covered bond. SDR--Scenario default rate. WA--Weighted-average.
W/H--Withheld at issuer's request. Please also see "Glossary Of Definitions."
Table 5
Public Covered Bond Characteristics (ALMM Risk)
WAM
assets
WA
minus
target
Target Actual
Country
WAM WAM WAM
asset
CE CE
of Reporting assets liabilities liabilities
spread ALMM nominal nominal
Issuer/CB program
issuer date (years) (years) (years) Soft-bullet (bps) (%) (%) (%)
DekaBank Deutsche Girozentrale DE Sep. 2011 3.7 3.4 0.3 No 175 14.46 6.42 16.90
Deutsche
Genossenschafts-Hypothekenbank
AG
DE Nov. 2011 6.7 6.3 0.4 No 265 2.85 7.76 11.71
Deutsche Pfandbriefbank AG DE Jun. 2011 8.3 8.6 (0.3) No 229 14.10 3.91 10.69
Deutsche Postbank AG (DSL) DE Jun. 2011 4.2 2.7 1.5 No 194 26.35 19.95 37.45
Dexia Kommunalbank
Deutschland AG
DZ BANK AG Deutsche
Zentral-Genossenschaftsbank
DE Sep. 2011 8.5 7.5 1.0 No 233 3.49 7.83 8.61
DE Jun. 2011 W/H W/H W/H No W/H 1.60 W/H 37.30
Eurohypo AG DE Nov. 2011 7.4 5.7 1.7 No 223 22.69 5.22 6.87
Landesbank Hessen-Thueringen
Girozentrale
DE Oct. 2011 5.3 4.7 0.6 No 183 6.42 12.93 40.50
NRW.BANK DE Sep. 2011 6.3 6.7 (0.4) No 155 0.00 15.80 188.33
UniCredit Bank AG DE W/H W/H W/H W/H W/H W/H W/H W/H W/H
Westdeutsche ImmobilienBank DE Sep. 2011 5.6 5.2 0.4 No 150 1.01 16.71 28.61
WL BANK AG Westfaelische
Landschaft Bodenkreditbank
DE Jun. 2011 6.0 6.4 (0.4) No 216 8.88 8.71 9.67
Banca Civica S.A. ES Dec. 2011 6.9 1.5 5.4 No 550 33.00 68.27 140.39
Banco Bilbao Vizcaya Argentaria
S.A.
ES Sep. 2011 5.2 3.6 1.6 No 550 21.00 95.39 129.87
BNP Paribas Public Sector SCF FR Sep. 2011 4.3 5.1 (0.8) No 229 0.00 14.34 25.39
Credit Mutuel Arkea Public Sector
SCF
Global Covered Bond Characteristics And Rating Summary Q4 2011
FR Jun. 2011 9.1 10.0 (0.9) No 170 0.00 25.54 49.55
Dexia Municipal Agency FR Sep. 2011 8.8 6.0 2.8 No 229 9.99 15.11 18.00
Societe Generale SCF FR Jun. 2011 8.3 7.3 1.0 No 167 1.59 14.02 18.29
Depfa ACS Bank IE Jun. 2011 7.6 8.6 (1.0) No 275 12.11 7.78 3.32
Dexia LdG Banque S.A. LU Oct. 2011 6.3 5.1 1.2 No 390 14.49 21.52 16.90
www.standardandpoors.com/ratingsdirect 13
933241 | 301860146

Table 5
Public Covered Bond Characteristics (ALMM Risk) (cont.)
Erste Europaeische Pfandbriefund
Kommunalkreditbank AG
EUROHYPO Europaeische
Hypothekenbank S.A.
Hypo Pfandbrief Bank
International S.A.
NORD/LB COVERED FINANCE
BANK S.A.
LU Jun. 2011 8.4 9.3 (0.9) No W/H 0.00 0.00 8.54
LU Nov. 2011 8.4 5.1 3.3 No 380 8.80 11.87 19.53
LU Jul. 2011 6.5 11.0 (4.5) No 254 16.02 0.35 6.26
LU Sep. 2011 7.6 7.3 0.3 No 301 0.15 19.22 22.68
Banco BPI S.A. PT Jul. 2011 4.1 6.4 (2.3) Mixed 1,050 0.00 98.82 66.90
Bank of Scotland PLC Social
Housing Covered Bond
Programme
UK Jul. 2011 11.7 9.1 2.6 Yes 250 0.00 14.50 64.30
ALMM--Asset liability mismatch. Bps--Basis points. CB--Covered bond. CE--Credit Enhancement. LCB--Legislation-enabled covered bond. N/A--Not available.
SCB--Structured Covered Bond. WA--Weighted-average. WAM--Weighted-average maturity. W/H--Withheld at issuer's request. Please also see "Glossary Of
Definitions."
Table 6
Mixed Covered Bond Characteristics (Credit Risk)
WA whole
Asset
Country of Reporting Resi Com Pub Other WAFF loan LTV SDR WA default
Issuer/CB program issuer date (%) (%) (%) (%) (%) (%) (%) rating risk (%)
Deutsche Postbank AG DE Nov. 2011 18 0 82 0 15.50 49.60 21.35 N/A 2.50
Nykredit Realkredit A/S -
Capital Center General
Compagnie de
Financement Foncier*
Lansforsakringar
Hypotek
DK Jun. 2011 21 18 0 61 21.36 75.01 45.50 N/A 13.34
FR Jun. 2011 33 0 53 14 20.93 68.02 13.91 BBB 2.50
SE Nov. 2011 79 0 0 21 18.98 77.23 34.40 N/A 2.50
*Public-sector assets include securitizations. CB--Covered bond. Com--Commercial assets in cover pool. LCB--Legislation-enabled covered bond. N/A--Not available.
Other--Includes substitute assets and other assets. Pub--Public sector assets in cover pool. Resi--Residential assets in cover pool. SCB--Structured covered bond.
SDR--Scenario default rate. WA--Weighted-average. Please also see "Glossary Of Definitions."
Table 7
Mixed Covered Bond Characteristics (ALMM Risk)
Issuer/CB
program
Deutsche
Postbank AG
Nykredit
Realkredit A/S -
Capital Center
General
Compagnie de
Financement
Foncier*
Lansforsakringar
Hypotek
Country
of
issuer
Reporting
date
WAM
assets
(years)
Global Covered Bond Characteristics And Rating Summary Q4 2011
WAM
liabilities
(years) Soft-bullet
WA target
asset
spread -
mortgage
assets
(bps)
WA target
asset spread
- public/other
assets (bps)
ALMM
(%)
Target
CE
nominal
(%)
Actual
CE
nominal
(%)
DE Nov. 2011 4.84 3.89 No 425 303 30.15 18.19 46.97
DK Jun. 2011 8.25 9.64 No 692 373 0.00 28.20 154.24
FR Jun. 2011 8.39 6.25 No 527 496 4.34 10.37 10.58
SE Nov. 2011 11.78 2.78 No 425 280 29.53 18.34 23.31
*Public-sector assets include securitizations. ALMM--Asset liability mismatch. Bps--Basis points. CB--Covered bond. CE--Credit Enhancement. LCB--Legislation-enabled
covered bond. N/A--Not available. SCB--Structured Covered Bond. WA--Weighted-average. WAM--Weighted-average maturity. Please also see "Glossary Of Definitions."
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 14
933241 | 301860146

Our Five-Step Approach To Rating Covered Bonds
To arrive at a covered bond rating, we consider five main areas in our analysis (see chart).
Owing to the importance we place on the analysis of the asset and cash flow risk, we put a specific emphasis on our
five-step ALMM process, in which we evaluate the maximum potential rating uplift for a covered bond program,
based on a combined assessment of its ALMM risk exposure, its program categorization, and the available credit
enhancement.
Global Covered Bond Characteristics And Rating Summary Q4 2011
Table 1 provides our opinion of the key characteristics of covered bond programs for which ALMM risk exists and
for which we have resolved the CreditWatch negative placement of Dec. 16, 2009 (see "Ratings On 98 Covered
Bond Programs Placed On CreditWatch After Criteria Revision"). In particular, we provide information on our
www.standardandpoors.com/ratingsdirect 15
933241 | 301860146

assessment, which includes:
• Step 1: The classification of the asset-liability mismatch (ALMM measure; see paragraph 23 of the Dec. 16, 2009,
criteria);
• Step 2: The program categorization (see paragraph 33); and
• Step 3: Our determination of the maximum rating uplift a respective covered bond program can achieve (see
paragraph 53).
Table 1 also provides the current ICR on the issuers, which we use as the starting point for the rating uplift on the
covered bonds.
The current covered bond ratings are the result of Step 5 of our criteria (see paragraph 68 of the Dec. 16, 2009,
criteria), subject to an analysis of other risks and a committee decision. In Step 5, we compare the available credit
enhancement with a target credit enhancement level that we determine in Step 4: The cash flow and market value
analysis (see paragraph 57). If the available credit enhancement matches or exceeds the target credit enhancement,
then a covered bond program may achieve the maximum potential rating uplift. If the available credit enhancement
is lower, we may assign a single notch of uplift to the covered bond rating if the available credit enhancement is
sufficient, in our opinion, to cover asset-default risk. We may also elevate the covered bond rating by further notches
depending on the level of ALMM risk that any remaining actual credit enhancement covers.
We also provide an outlook on the rating on the covered bonds. The outlook provides our opinion of a program's
potential for a rating change and its direction over the intermediate term. The covered bond outlook takes into
account our views on the outlook on the issuer, the level of rating uplift achieved, the likelihood of changes in
ALMM risk, and potential rating changes due to the performance of the collateral.
In this article, we use the terms "issuer" or "issuing bank" to refer to the financial institution behind the covered
bond program, even though the issuer of the bonds may technically be a special-purpose entity, depending on the
program structure. Furthermore, we assign ratings to covered bonds, although we may refer to the rating on a
program.
At the end of the article, we have included a glossary of terms and explanations that we have used in the tables
below and which represent to a large degree the terminology Standard & Poor's uses in its rating analysis. We
recommend that readers refer to these definitions in conjunction with the data we have provided.
Glossary Of Definitions
Global Covered Bond Characteristics And Rating Summary Q4 2011
ALMM
The asset-liability mismatch as described in paragraphs 23 to 32 of "Revised Methodology And Assumptions for
Assessing Asset-Liability Mismatch Risk In Covered Bonds," published Dec. 16, 2009.
Asset default risk
We assign the first notch of uplift above the issuer's ICR if the available credit enhancement covers that asset default
risk (see Step 5 of our 2009 ALMM criteria). The asset default risk equals all credit risks related to the default of the
cover pool assets, including interest rate risks and foreign exchange rate risks. In other words, the asset default risk
reflects all credit and cash flow risk except the market value risk arising from ongoing ALMMs.
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 16
933241 | 301860146

Covered bond type
This reflects our classification of covered bonds, whereby legislation-enabled covered bonds (LCBs) are covered
bonds based on a specific covered bond legal framework, such as those in Germany, Finland, Sweden, Norway,
Denmark, Luxembourg, Spain, Portugal, and France (Obligations foncières). Structured covered bonds (SCBs) are
general law-based covered bonds issued in countries such as France, the U.S., and Canada. In addition, covered
bonds issued from the U.K., The Netherlands, and Italy use a combination of legislation and general law framework
and are included in our definition of SCBs.
Unused uplift (notches)
The unused uplift, which is determined in notches, is the difference between the maximum potential number of
notches uplift above the issuer's ICR (according to Step 3 of our 2009 ALMM criteria) and the number of notches
between the issuer's ICR and the maximum potential rating on the covered bonds. For the purpose of this article,
covered bond programs can only have an unused uplift if the available credit enhancement is commensurate with the
target credit enhancement level and if the maximum potential rating on the covered bonds is 'AAA'. For example, an
unused uplift of three notches may be the result of a covered bond issuer having an ICR of 'A+' and a covered bond
program having a maximum potential number of notches uplift of seven and where the assigned rating on the
covered bonds is 'AAA'.
Outstanding liabilities
For SCBs, this amount either reflects the outstanding liabilities as of the respective reporting date or the outstanding
liabilities including new issuances that appeared after the reporting date.
In future updates on this article, we expect the numbers to represent the outstanding amount of just the quarterly
surveillance reports.
Reporting date
Note that the tables show data mainly as of June 2011 or more recent data. Covered bond programs don't all report
at the same cut-off date, although generally at least on a quarterly basis.
Global Covered Bond Characteristics And Rating Summary Q4 2011
Please note that sometimes we receive more updated cash flow data--that is, while the asset reports could stem from
June 2011, we have received updated cash flow data or an updated amount of the liabilities, due to further issuance,
for example. In these cases, the reporting date referred to in the tables in this article is the cut-off date of updated
cash flow data. The characteristics that are dependent on the provided data of the liabilities, such as the ALMM
percentage, have been updated based on the most recent data received on the liabilities.
Scenario default rate (SDR)
The SDR is the modeled gross level of asset defaults of the public-sector and other assets (except mortgage loans)
that the CDO Evaluator estimates and that covered bonds are expected to be able to withstand at the 'AAA' rating
level, consistent with our rating criteria (see "Credit Rating Model: CDO Evaluator 5.1," published Aug. 16, 2010,
and paragraph 70 of "Revised Methodology And Assumptions for Assessing Asset-Liability Mismatch Risk In
Covered Bonds," published Dec. 16, 2009. This figure is comparable to the WAFF for mortgage loans.
Soft bullet
This indicates whether the respective covered bond program has outstanding covered bonds with soft-bullet
structures. Covered bonds with soft-bullet structures provide for the possibility to extend the scheduled maturity for
a certain period of time. Typically, this might be a 12- to 24-month period, but this can also result in the structure
www.standardandpoors.com/ratingsdirect 17
933241 | 301860146

ecoming pass-through ("pass-through" means that the cash flows from the assets are directly passed to the covered
bond noteholders without delay. In other words, pass-through structures do not have an asset-liability mismatch
before credit stresses). The extension triggers may vary and, depending on the respective wording, can be at the
discretion of the issuer or a result of a nonpayment at their scheduled maturity. As we rate to the legal final maturity
date, we typically consider the extended maturity date when assessing the full and timely payment of covered bonds.
Target asset spread
The methodologies and assumptions to calculate the target asset spread is described in paragraph 59 of "Revised
Methodology And Assumptions for Assessing Asset-Liability Mismatch Risk In Covered Bonds," published Dec. 16,
2009.
Target credit enhancement and actual credit enhancement
The methodologies and assumptions to calculate the target credit enhancement and actual credit enhancement are
described in paragraphs 69–72 of our "Revised Methodology And Assumptions for Assessing Asset-Liability
Mismatch Risk In Covered Bonds," published Dec. 16, 2009.
Time to recovery
This represents the weighted-average time needed to recover or restructure the cover pool assets following a default.
WAFF
WAFF is the weighted-average foreclosure frequency of the mortgage loans in the cover pool. The foreclosure
frequency is a loan's probability of default leading to foreclosure. The estimated foreclosure frequency is a function
of borrower and loan characteristics as well as the economic stress scenario commensurate with a certain rating
level. This figure is comparable to the SDR for the public-sector and other assets.
WALS
WALS is the weighted-average loss severity. The loss severity quantifies the loss realized as a result of foreclosure.
The expected loss is predicated on assumptions about the potential decline in the market value of collateral that may
secure the asset, as well as the expenses incurred in foreclosing on and reselling the property, considering an
economic stress scenario, commensurate typically with a certain rating level.
WAFF and WALS
The potential loss associated with an entire pool can be calculated by multiplying the weighted-average foreclosure
frequency (WAFF) with the weighted-average loss severity (WALS) at the 'AAA' rating level (see paragraph 70 of
"Revised Methodology And Assumptions for Assessing Asset-Liability Mismatch Risk In Covered Bonds,"
published Dec. 16, 2009.) Note that the product of WAFF and WALS does not equal the asset default risk referred
to in paragraph 73 of "Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In
Covered Bonds."
Global Covered Bond Characteristics And Rating Summary Q4 2011
WAM assets and WAM liabilities
The weighted-average maturity of the assets/liabilities of legislation-enabled covered bonds takes into account all
scheduled amortizations of the assets/liabilities, whereby the WAM of the assets/liabilities of structured covered
bonds--as presented--only takes into account the weighted average of final maturities. For future updates of this
article, we expect both figures to consider scheduled amortization of the assets. The WAM of the liabilities is based
on the final legal maturity, which takes into account the documented extension period.
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 18
933241 | 301860146

WA rating
The purpose of displaying the weighted-average (WA) obligor rating is mainly to show a relative ranking of the
public-sector cover pools in respect of their credit quality.
The weighted-average rating, as shown in table 4, is a modeled output of the CDO Evaluator, the credit rating
model that we use for the credit analysis of public-sector assets. It does not reflect the weighted-average product of
the rating on the individual obligors and the respective exposures to them. The weighted-average rating in table 4 is
computed rather as the credit rating that would have a probability of default and maturity that best approximates
the portfolio's weighted-average maturity and expected portfolio default rate. The latter is the weighted-average
default rate of the portfolio, based on the asset default rates specified in Standard & Poor's default table, which, in
turn, are based on historical default rates we have compiled. The weighted-average rating reflects the actual
remaining life of the assets, rather than some fixed hypothetical remaining life. The use of the latter would
increasingly distort the default probabilities of the portfolio as the actual average remaining life shortens over time.
Note that in our credit analysis, we separate borrowers into rated and unrated borrowers. We will stress nonrated
assets more severely because we do not regularly monitor their credit quality. For further information on the credit
analysis please refer to "Rating Pfandbriefe--The Analytical Perspective," published Jan. 27, 2003.
Whole-loan LTV
Loan-to-value (LTV) ratio is defined as the ratio of aggregate mortgage debt (that is, not only the loans in the cover
pool, but also all prior-ranking and second-ranking loans secured on the same property that we are aware of)
divided by the value of the property. This ratio may be based on original or updated valuations and takes into
account any analytical adjustments, such as (HPBI) indexation or valuation haircuts. The LTV ratios for French
programs are loan-to-price (purchase price) ratios, not loan-to-value ones. Weighted average means they are
weighted by the percentage of loans in the total pool balance.
Related Criteria And Research
• Global Covered Bond Characteristics And Rating Summary Q3 2011, Oct. 18, 2011
• Nonsovereign Ratings That Exceed EMU Sovereign Ratings: Methodology And Assumptions, June 14, 2011
• Global Covered Bond Characteristics And Rating Summary, March 23, 2011
• Counterparty And Supporting Obligations Methodology And Assumptions, Dec. 6, 2010
• Credit Rating Model: CDO Evaluator 5.1, Aug. 16, 2010
• Credit FAQ: Standard & Poor's Explains Update To Criteria For Assessing Asset-Liability Mismatch Risk In
Covered Bonds, Dec. 17, 2009
• Revised Methodology And Assumptions For Assessing Asset-Liability Mismatch Risk In Covered Bonds, Dec. 16,
2009
• Methodology And Assumptions: Update To The Cash Flow Criteria For European RMBS Transactions, Jan. 6,
2009
• Methodology & Assumptions: Applying The Derivative Counterparty Framework To Covered Bonds, Feb. 26,
2008
• A Listing Of S&P's New Actions Aimed At Strengthening The Ratings Process, Feb. 7, 2008
• Principles-Based Rating Methodology For Global Structured Finance Securities, May 29, 2007
• Revised Framework For Applying Counterparty And Supporting Party Criteria, May 8, 2007
• Cash Flow Criteria For European RMBS Transactions, Nov. 20, 2003
Global Covered Bond Characteristics And Rating Summary Q4 2011
www.standardandpoors.com/ratingsdirect 19
933241 | 301860146

• Rating Pfandbriefe--The Analytical Perspective, Jan. 27, 2003
Related articles are available on RatingsDirect. Criteria, presales, servicer evaluations, and ratings information can
also be found on Standard & Poor's Web site at www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44)
20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7)
495-783-4011.
Additional Contact:
Covered Bonds Surveillance; CoveredBondSurveillance@standardandpoors.com
Global Covered Bond Characteristics And Rating Summary Q4 2011
Standard & Poors | RatingsDirect on the Global Credit Portal | January 24, 2012 20
933241 | 301860146

Copyright © 2012 by Standard & Poor's Financial Services LLC. All rights reserved.
No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified,
reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's
Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well
as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the
Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or
for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED
WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS,
SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR
HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or
consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence)
in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact.
S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any
investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The
Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making
investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from
sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P
reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the
assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result,
certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the
confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate
its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com
and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional
information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
www.standardandpoors.com/ratingsdirect 21
933241 | 301860146