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New Issue: S-Bank PLC CBA Covered Bond Program

The cover pool backing the covered bond comprises prime Finnish residential loans. The covered bond's soft-bullet repayment profile mitigates short-term liquidity risk. The structure benefits from a public commitment by the issuer to maintain overcollateralization consistent with a 'AAA' rating. The pool has a current loan-to-value (CLTV) ratio that is relatively high compared to our other rated Finnish programs. We address this in our determination of default frequency and loss severity. The pool is less seasoned than other Nordic programs we rate, which is reflected in our default frequency and shows a concentration in Southern Finland slightly above the thresholds set in our criteria. S&P Global Ratings' stable outlook on the 'AAA' ratings on S-Bank PLC's (S-Pankki Oyj) CBA mortgage