The stable outlook on our rating on the mortgage covered bonds issued by Netherlands-based NIBC Bank N.V. (BBB+/Stable/A-2) reflects the two unused notches of collateral uplift. Under our covered bonds criteria, we would not automatically lower the ratings on the covered bonds if we were to lower our long-term issuer credit rating (ICR) on NIBC Bank by up to two notches, all else being equal.